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Millions of Americans Make a Costly Mistake When Paying Credit Card Bills

One in five credit card users carry a balance to improve their credit scores—which just doesn't work.

It’s natural to fret about your credit score. Most Americans would do almost anything to improve it. Mistakes, of course, are bound to happen.

More than one in five credit card users have carried a balance to help improve their credit scores, according to a study released Monday by CreditCards.com. But carrying a balance is not one of the factors that comprises a credit score—and doing so could lead to more harm than good.

Leaving a balance past a payment due date causes cardholders to pay unnecessary interest, and could even negatively affect their credit score if the balance pushes their credit utilization too high.

Twenty-eight percent of millennials with a credit card said they have made this mistake, while only 25 percent of Gen-Xers and 16 percent of those age 54 and older admit to the same blunder.

The survey was conducted for the online marketplace CreditCards.com by market-research firm GfK, which gathered data last month from 1,000 Americans aged 18 and older… more

(Bloomberg)


 
 
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