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There is a reason why you shouldn’t carry a balance on your credit cards. With rates on some credit cards over 25%, the interest paid by you, on these accounts, may be more than the cost of what you purchased. Be smart with your money.

While this blog specifically mentions a Peloton Bike, it is not about purchasing a Peloton Bike. This blog is about any credit card purchase that you can’t pay off, in full, when the bill is due. Replace “Peloton Bike” in this blog with anything you want to buy. “If you can’t pay cash for it, it’s probably not the right time to buy it”.