Make a credit gaffe — like relying on plastic when you have cash-flow problems — and you’ll pay for it later.
But while different types of credit mistakes can hurt your wallet, some blunders are more costly than others. This is particularly true in 2017, when the cost of credit has increased.
At its final meeting of 2016, the Federal Reserve raised a key benchmark interest rate. That move had a sudden impact on credit card rates, which almost immediately surged to record highs.
What’s more, the Fed has projected it could raise rates as many as three times this year. If that occurs, the interest on your credit card likely will be a full percentage point higher than it was prior to December 2016.
That will make carrying a balance far more expensive.
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There are, however, things more costly than not paying your bill in full each month.
Here are four mistakes to avoid in 2017.