'If you use credit cards, you don't want to be rich,' billionaire entrepreneur Mark Cuban said.
When you completely pay off a credit card with a 15% or 20% interest rate, you've freed up the money previously going toward interest to be spent or invested elsewhere, Cuban says.Take out a personal loan as an alternative to using a credit card, Cuban proposes. A personal loan is a form of installment credit that must be paid back in regular increments over a set period of time.
The average annual percentage rate on a 24-month personal loan is around 8.73%, according to the Federal Reserve's most recent data, but can also be as high as 36%,Cuban argues that if you've got a good credit score, getting a personal loan can allow you to get the money you need at a lower interest rate while still building your credit.
If you're approved for a personal loan, you'll typically receive a one-time cash payment that you pay back over a period of time with interest. Similar to credit cards, your credit score could take a hit if you miss a payment. Once you've used up all of the funds from your personal loan, you'll need to apply for another one in order to receive more money.. That's key to qualifying for good rates on financial products like mortgages or car loans.
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