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good day subscribers thank you so much for joining me today I am Jeremy and this is the financial education channel and I'm so excited to talk to you guys a little bit today about should you save money or should you pay off your credit card we're going to talk about that and I'm also going to share with you guys my opinion on credit cards and why I think they're the devil but anyways we'll get into that as well so should you save money should you pay off credit card okay my opinion is you should always pay off credit card before saving for money reason being is the average interest rate on a credit card in America is over 15% the average interest rate on credit card is over 15% that's super high so let's say you only have a thousand dollars in credit card debt you need to pay at least 150 dollars a year just to keep up with the interest that's not even putting down the amount any lower because you're just paying interest at that point you need to pay at least 150 dollars a year just to pay the interest off on that then the more you pay then you can bring that balance of a thousand dollars down the average American has over fifteen thousand dollars in debt so if it's $150 for only a thousand dollars then we can go 150 dollars times 15 that is gosh that's getting close to two thousand dollars a year at that point you need around two thousand dollars a year you need to just pay to the credit card company just to keep the interest at bay if you don't pay them at least that much your balance is actually gonna go up and if you need to actually try to pay off the amount so you can get that $15,000 fourteen thousand thirteen thousand twelve thousand you need to pay a lot lot lot more remember the two thousand is just going toward interest so that's why I always recommend if you have credit card debt and you're taking out credit card and whatnot you need to pay those first because generally interest is just very high if you're saving money that's great but the chances you're gonna save money and somehow put the money in an investment that's gonna gain more than 15% a year the chances of that are very slim remember that's the average person's paying 15% you might be some people watching this video they're paying 20% 23% 24% if you need to make an insane return on investment if you're gonna save that money and then invest it to try to make more money that way that's super high of a rate of return it's near impossible to do those types of things a stock market on average only goes up 8% a year and if you're paying 15% on a credit card that's almost double what you're getting as a return on investment in the stock market so that's why I always recommend pay the credit card before you save money once you the credit card is paid off then start saving for money and don't go back to that trap a credit card let me share my opinion on credit cards don't have credit cards if you do have credit cards don't frickin use them that's my opinion the only way I suggest to use credit cards is if you're young and you're trying to build credit you're trying to climb up the credit card ladder or not the credit card ladder you're trying to climb up the credit ladder and get a better credit score better credit score so when you take out an auto loan someday you get a lower interest rate when you buy how some day you have a great credit score those kinds of things credit cards once you have your your you know credit score built up I don't recommend using them why why do you need to use them because you need to buy this extra thing and that extra thing in this extra thing and new TV for that room and a new sofa out here that's ridiculous in my opinion to spend money off a credit card on things that are just like not things you should be spending money on you should be spending money on that stuff with cash if you have the cash around and you're making enough money to pay for all that stuff that's how you should be doing it not taking out credit card loans I see so many people take out credit card loans for some of these things in their homes and whatnot and I find it ridiculous unless you're trying to climb up the credit score ladder which is generally when you're young between the ages of let's say about 16 17 and 25 that's the time to use a credit card because you're gonna you know raise your credit score over time as long as you make your payments on time but older people I don't recommend it at all why why do you need to do that it just makes no sense to me and I've seen so many people fall into that trap and they pay so much interest all the time of these credit card companies and how do you think these credit card companies make billions of dollars in profit a year American Express and Visa and all those guys Capital One they're making a fortune because it charging these interest rates and so many people like to just get more credit card debt and that's how the average person owes over 15,000 the average American owns owes over $15,000 in credit card debt I couldn't believe that I was doing it just doing some research on some external things before I did wanted to do this video and I've read about that I'm like over 15,000 the average American personally I thought it was gonna be around 3,000 and I thought that was high but I was thinking oh I would probably be around 3,000 I'll look it up 15,000 are you kidding me and then you got all the loans then you got your mortgage in okay and then if you went to school you might have student loans holy smokes no wonder people never have a dime to their name and no wonder they have to pay with credit cards because they have no money around because it's all going to the interest on the credit card debt it's all going to the auto loan interest then to the auto loan then to the mortgage interest then to the mortgage and then to the student don't student loan interest and it's actually the student loan principal to try to bring that down it's unbelievable it sticks people in a really bad position so why do credit cards why go ahead and load yourself up with more debt that's unnecessary in my opinion don't do it don't do it anyways thank you so much for watching today guys I hope this explained really what you should do whether it's saving or credit pay the credit card first and then the first point don't damn get a credit card unless you're a young person trying to build credit so anyways thank you so much for watching guys if you haven't subscribed and you new to this channel you may want to I talk a ton about personal finance this is personal finance I talk about stocks in the stock market what stocks I'm buying personally I also talk about entrepreneurship talk a little bit about my business I talk a bit about how to build your business and how if you're a young entrepreneur you can succeed out there and branch out on your own so anyways thank you so much for watching guys and have a great day