Credit card maxed out? Awesome!
How on earth could this be a good thing, you ask? This question harks back to the idea of simplifying wealth creation, and the answer is equally simple – once you have reached your credit limit, you have to stop spending! You therefore limit your damage. So how can we use credit card limits to our advantage? I’m going to give you a scenario to think about and you can decide whether the picture I’ve painted approximates your life. If so, help is at hand. Let’s say you have a $20,000 personal loan for a car, and a credit card you initially got for emergencies, which is...
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