19. Credit Cards

The rewards offered by credit cards – such as cashback and travel perks – can sometimes make us overlook the high interest rate we might be paying on them. If you ever carry a balance over from one month to another, the resulting interest will probably cost you more money than you gain in rewards.

The better option might be to pull money from savings, pay off the card and file the plastic away – but if that’s not an option, at least consider shifting your balance to a no-interest credit card while you pay it down. If you do that, at least you won’t incur more interest charges for as long as the 0% rate lasts.