Most-Common Money Mistakes: Carrying Steep Credit Card Debt With a Fat Bank Balance
You don't need to be told that managing your personal finances can be tough. Virtually anyone reading this will be able to say truthfully that money is tight in their household. Too many things need to be done, and there's not quite enough income to cover everything. So we all make choices. We prioritize. We postpone.
And, with embarrassing frequency, we also blunder.
In this Motley Fool Answers podcast, co-hosts Robert Brokamp and Alison Southwick have invited certified financial planner Josh Strange, the founder of Good Life Financial Advisors of Northern Virginia, to discuss the five most common money mistakes he sees his clients make, and how we can avoid them.
In this segment, he talks about how a quirk of psychology can impede our financial progress: Even if you have money in the bank to pay down a large credit card balance, it feels unpleasant to watch your savings account evaporate to retire that debt. So many people push off those payments, and wind up paying far more in interest than they need to.
Source Fool.com