The billionaire businessman Mark Cuban, made an eccentric statement about credit cards, at a time when transactions with cash have declined noticeably.
"If you use credit cards, you don't want to get rich", underlined οflamboyant entrepreneur during an interview on "The Ramsey Show."
Cuban's biggest problem with credit cards is the high interest rates. The average interest rate for a credit card is about 16,65%, according to the latest Fed data, while some can jump as high as 36%, as WalletHub points out.
“Credit cards are not your friend. Debit cards are fine if there are no fees”he pointed out.
“Although you can avoid high interest rates by paying off your credit card balance every month, fine, but that can be difficult for many people. And if you don't pay off the balance in full, the interest continues to accrue" explained.
According to him, the alternative to using a credit card is to get one personal loan, if you have a good credit score, as this may allow you to get the money you need at a lower interest rate.
Source: insider.gr