BART SMITH OFFICIAL WEBSITE • AUTHOR • YOUTUBER • COOKIE BAKER • COOKBOOK CHEF • FUTURES TRADER
BOOK EXCERPT
📖 20 Debt & Credit Mistakes That Can Cost You Thousands
Excerpted and adapted from Bart's book, 350+ Money Mistakes People Make. Reprinted by Permission
Debt often starts as convenience. Interest, fees and repeated borrowing can quietly turn that convenience into long-term financial control. These 20 mistakes can make debt far more expensive than people realize:
1. Carrying High-Interest Credit Card Balances — High-interest debt compounds quickly.
2. Paying Only The Minimum — Minimum payments can keep balances alive for years.
3. Using Credit For Daily Living — If groceries require debt, the cash-flow problem needs attention.
4. Not Knowing Your Interest Rates — Know which balances are costing you the most.
5. Ignoring Credit Card Fees — Annual fees, late fees and penalty rates add up.
6. Taking Payday Or Title Loans — Short-term relief can create long-term damage.
7. Co-Signing Without Understanding The Risk — If they do not pay, you may have to.
8. Borrowing For Fast-Depreciating Items — Avoid paying interest on things losing value quickly.
9. Consolidating Debt Without Changing Habits — Moving debt does not fix the behavior.
10. Using Home Equity For Consumption — Do not put your home at risk for lifestyle spending.
11. Not Negotiating Loan Terms — Compare lenders, rates and fees before signing.
12. Refinancing Without Checking Total Cost — Lower payments can still mean higher lifetime cost.
13. Closing Old Credit Accounts Unnecessarily — Older accounts may help credit history.
14. Maxing Out Available Credit — Heavy utilization can hurt your credit profile.
15. Using Balance Transfers Without A Payoff Plan — Promotional rates only help if you eliminate the balance.
16. Letting Debt Dictate Career Choices — Large payments can reduce your freedom to change jobs or take risks.
17. Using Debt To Maintain Appearances — Borrowing to look successful keeps people stuck.
18. Ignoring Collection Notices — Respond early instead of hoping the problem disappears.
19. Not Checking Credit Reports — Review reports and dispute inaccurate information.
20. Paying Late — Late payments waste money and can damage your credit.
FINAL THOUGHT
Debt becomes most dangerous when it feels normal. Know what you owe, know what it costs and use a clear payoff strategy. The faster expensive debt disappears, the faster your money can work for your future.
(THIS CONTINUES IN THE BOOK)
# # #
WOULD YOU LIKE TO:
RETURN TO THE:
WOULD YOU LIKE TO:
Website Design by Bart Smith
© Bart Smith | All Rights Reserved
