Despite the ubiquity of credit card debt, Americans often ignore their high balances. In fact, according to the 2016 U.S Household Debt Survey by GOBankingRates, the median outstanding balance is $2,000 - with many people having much higher than this number!
Accordingly, you must do your research and be aware before taking on any new debts. If things go wrong, then there may come a time when you will need help from friends or family, and the people who have offered you loans in the past could potentially refuse based upon your poor repayment history.
The best way to avoid the pitfalls of credit cards is by paying off your balance in full every month. If you're not able to do this, don't carry a high-interest rate and make sure that any fees are reasonable enough, so they won't harm your finances too much when considering what's owed on these loans.
But what if you could get rid of credit card debt without spending more money? Well, there's one smart way. Make your credit cards and pay off those balances with the rewards they offer!
Making money with your credit cards is easy if you know where and how to look. Here are seven creative ways that will help bring in some cash:
Earning money on your credit card purchases is a breeze with cashback rewards cards or rebate sites. But if you don't want to sign up for one of these, other ways can help as well!
Are you tired of paying for your next vacation? There are many ways to use credit cards, and one way is by opening up an account with big bonuses on flights. You can spend those points as well or rent out equipment!
You can save money and put cashback rewards to work for you by investing the money even if your take-home pay is a few hundred dollars.
If you're a frequent traveler, then the opportunity to earn points through travel rewards credit cards is an awesome blessing. But what if traveling isn't in your plans for some time yet? You can exchange cash after booking tickets with friends and family members by using an online agency specializing in trips just like yours!
The best credit card for online shopping is one that gives you cash backs or points when you make purchases. You'll need to log into your account, but it's worth checking out!
Acorns app is one of the best ways to invest, and it's free! The app will automatically buy stocks when your spare change from purchases has more than enough to trade. There is no need to worry about investments, as you get commission-free trades with no risk whatsoever by using this service.
If you have an old credit card lying around, it might be worth considering turning it into art for cash. Creative people can explore their crafty side by making handmade jewelry using unwanted pieces from bills or even blank cards. The profit varies depending on what type of accessory it is. For stylish accessories, expect them to sell for around $5-$10. In contrast, something like keychains will cost less than five dollars each because they're smaller in size. So think creatively before tossing those expired cards into the trash.
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