Interview: Michael Taggart
Talking Points:
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- Only Paying Minimums. A $2,000 credit card with an 18% APR would take you 370 months to pay off only using minimum payments.
- Missing Payments. These not only hurt your credit score, but they can trigger interest rate increases and penalties as credit card companies see you as more of a risk for default. If you’re missing payments, you’re making the credit card companies a lot of money and extending the time it will take for you to pay them off.
- Taking out Cash Advances. Cash advances on credit cards carry a considerably higher interest rate. They are something to avoid doing always. The increased interest rates will hold you hostage to credit card debt for much longer. It isn’t worth it.
- Opening Too Many Accounts. Many people play the balance transfer game to lower interest rates on their credit card debt, but you can only do this for so long. As you add more accounts your debt to income ratio is lowered, and your credit score will suffer as a result. Avoid making a bad situation worse by having too many open lines of credit.
- Running a High Balance. Maxing out your credit cards exposes you to harsh over-limit fees and makes it that much harder to turn the tide and pay off your debt. Additionally, it will have a negative effect on your credit score over time because your credit utilization rate will be too high. Don’t run high balances.
Following the 4-step C.A.R.E. method gives people the tools and plan to break free of the credit card debt traps and get on the road to a debt free future.
Available for Interviews: Michael Taggart
Michael Taggart is the co-founder of DebtReliefCenter.org, author of “Goodbye Debt, Hello Future,” and has been helping people get relief from debt and avoid bankruptcy for over a decade. In 2018 alone, he helped 321,611 people with plans for how to overcome $10,008,814,180.00 in debt. He is a devoted husband and father that is passionate about helping people and families create a better financial future for themselves.
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