Repeated financial blunders can destroy wealth-building potential, often without awareness. Major mistakes include disregarding credit card debt and failing to save. The Federal Reserve reports that average credit card interest rates have reached 22.25%. Cash-back rewards cannot counter high-interest debt. Failure to save invites financial disaster, as a lack of savings can quickly derail financial plans. Awareness of these missteps facilitates prevention and improving financial health. Tools like financial advisors can assist in planning and preventing these common errors and moving toward better financial outcomes.
Ignoring credit card debt is truly a wealth killer in 2025. The average credit card interest rate in May for accounts with balances was 22.25%. Don't count on cash-back rewards or frequent flyer miles making up for a 20%-or-greater interest rate on your credit card debt.
Having sufficient savings is a foundational element of financial stability. If you fail to save, you're just inviting disaster because unexpected expenses can quickly derail your financial plan.
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