Today I am answering your credit card questions. Should I use my 401(k)to pay off my credit card debt? I forgot to pay my credit card bill, will I have a late fee and will it impact my credit score? I was denied for a “pre-approved” card, why? Can I live without a credit card? Why not sign-up for a credit card for the bonuses?
Timeline:

* 01:06 – I have $15,000 in credit card debt and about $25,000 in my 401(k). Every month I throw several thousand dollars at my credit card debt but the balance doesn’t decrease. Should I use my 401(k)to pay off my credit card debt and be debt free?
* 03:36 – I honestly forgot to pay my credit card bill. I realized and paid about a week late. Will I have a late fee? What impact will this have on my credit score?
* 05:55 – I keep receiving mailers from Capital One that I have been “pre-approved” for the credit card? But, when I apply I am denied. Why?
* 07:39 – Can I live without a credit card?
* 09:03 – Credit card sign up bonuses sound amazing, why not sign up for the card, get the bonus, and then close the account?
* 11:54 – Win a $50 Visa Gift Card

Resources & Links:

* MoneySmarts Episode 4 – Creating a Zero-Sum Budget
* Google Calendar
* Email your questions to askjoel@financialfreedomcommunity.com
* FinancialFreedomCommunity.com

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*Intro and outro music is provided by Michael Cat Audio