Pay off Your credit card – how do i start investing with littke money? I often hear the same question. Many people think there aren’t options to invest with little money, or that it’s impossible to multiply with $100 or less.
Is it true that, every time you see a movie or a documentary about finance, you feel ready and determined to start investing seriously, but then you always come to terms with reality and what you actually have in your bank account?
But, sooner or later, we always return relentlessly to get to grips with reality, which in most cases is:No experience in investing or trading the markets. No capital to invest, or very little.
Using a credit card for your spending can have many benefits, from added legal protection to cashback or collecting loyalty points at your favourite retailer. However, credit card debt can quickly mount up if you don’t pay your card off in full each month. Credit card debt is expensive. Minimum monthly repayments tend to be set at very low levels, sometimes as low as 2% .If you only make the minimum repayment your debt could take decades to pay off and in that time you could pay thousands of dollars in interest. How to multiply or invest 100 dollars ?
Since when does paying off debt have anything to do with investing? It has a lot to do with it in fact. Think of it this way; if you have high-interest credit card debt, you’re paying someone interest on that debt. Every little extra you throw at that debt the less interest you’ll have to pay in the long-run and the quicker you’ll become debt-free.