Should I carry a balance on my credit card?

Should I carry a balance on my credit card?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: How can I get a lower interest rate or APR on my current card?; What if I pay my credit card bill late?; What if my credit card is lost or stolen? and more...

Generally speaking, I advise people not to do so. Nevertheless, the responsible use of credit and the availability of credit may require you on occasion to not pay things in full. An emergency may happen, something unexpected. You may need a new engine for your car and you just don't have enough money in your checking account to do it or you can't pay it off all at once. Alternatively you may have to take an unexpected trip because there's a family problem and having the ability to charge an amount that is more than you ordinarily would and more than you can even pay off over a one month period may still make sense, as long as you handle it responsibly and pay it off over a period, a several-month period of time.