Should you carry credit card balances?

Over the years I have found that several people have different opinions on this subject and I can certainly see both sides of the coin. After reading this article I’m sure you’ll agree with my final analysis and see yourself in one of the two categories. So let’s begin.

People with a habit of being a bit “frugal”, tend to use their credit cards for the purpose of credit building and cash back rewards. These people choose to pay their credit cards off in full each month. They believe in making their credit cards work for them.

Others like myself, don’t mind carrying a balance and paying on them each month. I just make sure to pay a few dollars more than the minimum amount due on each card in an effort to decrease the balance as much as I can, as soon as I can.

People who choose to pay their bills off every month have generally been doing so from day one, so their balances never have a chance to balloon out of control. These people usually have “excellent” credit scores.

In contrast, people who carry monthly card balances are accustomed to doing so from day one, so they repeat this habit again and again because that’s what they’ve always done. These people usually struggle to reach or keep even a “good” credit score.

When comparing myself to others, all of my conservative friends have excellent credit scores while all my non-conservative friends do not. What this tells me is that our state of finances usually mimics our personalities.

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