What are 7 credit card debt myths that nobody should believe?

Are you feeling overwhelmed by credit card debt? You’re not alone—many people are trapped by misconceptions about credit cards that can lead to costly mistakes. Ralph dives into seven dangerous credit card myths that could be costing you thousands, including the false belief that carrying a balance builds credit. He shares a shocking personal story about how these myths nearly derailed his small business, but ultimately led to a financial turnaround. Tune in for essential insights on managing credit wisely and learn how to avoid becoming a slave to the lender by uncovering the truth behind common credit card debt myths.https://www.askralphpodcast.com/credit-card-myths/Podcast Timestamps:00:00 - Episode Overview01:15 - Listener’s Question: Struggling with Conflicting Advice on Credit Cards02:06 - Bible Verse: Proverbs 22:7 02:54 - Ralph’s Personal Story03:39 - 7 Credit Card Debt Myths That Nobody Should Believe13:46 - Key Takeaways14:32 - Strategic Credit Card Use for Business Owners17:54 - Action Steps for Managing Credit Card Debt19:32 - ClosingTakeaways: Carrying a balance on credit cards does not build credit; it increases interest costs. Closing unused credit cards can actually hurt your credit score by raising utilization. Using credit cards frequently is not necessary; consistent on-time payments are what matter. Opening multiple credit cards quickly can signal risky behavior to lenders and harm your credit. Credit card debt is not good debt; it often comes with high interest rates. Making only minimum payments on credit cards can lead to decades of debt repayment. Links referenced in this episode:https://www.askralphpodcast.com/payoff-credit-cards/https://www.askralphpodcast.com/with-my-credit-card/https://www.annualcreditreport.com/ Ask Ralph Insiders Community https://mailchi.mp/askralph.com/groupAsk Ralph Show Live https://askralphpodcast.com/liveWhat is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/ https://askralph.com/LISTEN NOWWATCH NOW ON YOUTUBE (OUR VIDEO VERSION)WATCH NOW ON RUMBLE (OUR VIDEO VERSION)SUPPORT THE SHOWPlease share our Podcast with all your friends and family!Submit your questions or ideas for future shows - email us at [email protected] or leave