I never pay interest on any financial product—here’s how

SourceCNBC
SectorEconomy
CountryMiddle east

Most financial products charge interest — credit cards, car loan, mortgages, etc. — but there are ways you can avoid interest charges altogether or keep them to a minimum. I have 10 credit cards and an auto loan, and I've never pay interest on any of them. In order to avoid interest charges, I follow a few rules that help me spend within my means, so I can pay off every bill on time and in full. While I’m able to avoid interest charges, I understand that it's not something everyone can do. Carrying a balance and incurring interest can be unavoidable at times, especially right now when the country is facing high unemployment rates. Paying interest isn’t the worst thing if it's necessary to help you make ends meet.

But the goal should be to avoid paying high interest charges — I'm sure there are lots of things you would rather do with your money than give it to the bank. Hopefully, the four financial rules I outlined below can help you minimize interest charges and eventually avoid interest altogether. Here are the rules I live by to ensure that I never pay a penny of interest. Rule 1: Shop around for the best terms One ...read more...