THIS
THIS SEGMENT WAS PAID FOR BY JURASSIC CW. >> TAX SEASON IS HERE AND
EXPERTS SAY THE AVERAGE TAX
REFUND IS ABOUT TWENTY SEVEN
HUNDRED DOLLARS.
BUT BEFORE YOU SPEND THAT MONEY
OR NOT.
OUR NEXT GUEST HAS SOME IDEAS
ON THE BEST WAYS TO USE YOUR
REFUND OR EVEN PAY YOUR TAXES.
CREDIT CARD INSIDER NATHAN
GRANT IS HERE WITH HIS ADVICE
FOR THIS TAX SEASON.
HI NATHAN.
>> HELLO.
THANKS FOR HAVING ME.
SO IF YOU'RE GETTING A TAX
REFUND FOR 2020, WHAT IS THE
BEST WAY THAT YOU'RE SAYING
PEOPLE CAN USE IT?
>> WELL, YOU KNOW, THE PANDEMIC
IS PUT SO MUCH FINANCIAL STRAIN
ON MANY FROM SO MANY DIFFERENT
ANGLES TO THE IDEA OF MAYBE
PUTTING IT IN A SAVINGS OR
SOMETHING MIGHT SEEM LIKE THE
MOST ATTRACTIVE OPTION OPTION
AND IT STILL IS A GOOD OPTION.
>> BUT IF YOU'RE CARRYING ANY
DEBT BALANCES MONTH TO MONTH,
IT MIGHT BE WISEST TO PUT YOUR
REFUND TOWARDS PAYING OFF SOME
OF YOUR DEBT.
>> NOW WHY IS IT IMPORTANT TO
PAY CREDIT CARD DEBTS WITH A
REFUND?
WELL, YOU KNOW, DEBT LIKE
CREDIT CARD BALANCES, LOANS IT
CARRIES INTEREST FEES ALONG
WITH IT IN ADDITION TO THE
BALANCE ITSELF AND SPECIFICALLY
IN THE CASE OF CREDIT CARDS.
THEY USUALLY HAVE HIGH PAPERS
THAT WILL JUST SIPHON MORE
MONEY THE LONGER THAT YOU'RE
CARRYING THAT BALANCE.
SO ON THE FLIP SIDE, THE MORE
THAT YOU PAY EACH MONTH TOWARDS
ANY OF YOUR DEBTS, ESPECIALLY
WITH EPR, THE LOWER THAT
PERCENTAGE IS GOING TO BE.
SO YOU'RE BASICALLY SAVING MORE
MONEY IN THE LONG RUN BY PAYING
IT OFF FASTER.
>> GOOD POINT.
IS THERE ANYTHING ELSE THAT YOU
SUGGEST WE CAN DO TO PAY OFF
SOME OF THOSE DEBTS FASTER?
>> YEAH, WHETHER YOU CHOOSE TO
USE A REFUND FOR IT OR NOT, THE
BEST THING YOU WANT TO DO IS
JUST TRY TO PUT AS MUCH EXTRA
OVER THE MINIMUMS AMOUNT DUE
TOWARDS YOUR DEBT EACH MONTH TO
SAVE MONEY AND UTILIZE THINGS
SUCH AS YOUR TAX RETURN OR
MAYBE IF YOU GET AN ECONOMIC
STIMULUS STIMULUS PAYMENT
YOU'RE WONDERING WHAT WOULD BE
THE BEST USE OF IT.
YOU CAN PUT A BIG DENT INTO
THAT.
AND THEN JUST KIND OF A
PREVENTATIVE MAINTENANCE THING
IS JUST DON'T USE CREDIT CARDS
OR PURCHASES THAT YOU AREN'T
PLANNING ON MAKING ANYWAY OR
CAN'T PAY OFF BY THE STATEMENT
DUE DATES.
RIGHT.
YOU HAVE TO SHOW SOME CONTROL
THERE.
NOW WHAT ABOUT THE OTHER SIDE?
YOU'RE NOT GETTING A REFUND BUT
YOU'RE OWE TAXES.
SHOULD WE USE A CREDIT CARD TO
PAY FOR THAT?
YEAH.
I MEAN YOU CAN CONTACT THE IRS
TO SET UP A PAYMENT PLAN IF
YOU'RE NOT GONNA BE ABLE TO PAY
IT BY THE DUE DATE.
AND EVEN IF YOU SET UP A
PAYMENT PLAN, THERE'S GOING TO
BE LATE FEES TACKED ON EACH
MONTH.
BUT IF YOU USE A CREDIT CARD
THEY DO PROVIDE A CREDIT
PROCESSORS IN ORDER TO ACCEPT
CREDIT CARD PAYMENTS.
BUT YOU PROBABLY SHOULDN'T
BECAUSE THERE'S GOING TO BE
ADDITIONAL PROCESSING FEES ON
TOP OF THE DEBT ITSELF THAT
YOU'RE NOT GOING TO BE PUTTING
ON YOUR CREDIT CARD.
SO YOU'LL HAVE THAT AMOUNT TO
PAY BACK ALL THE FEES AND THEN
IT COULD NEGATIVELY IMPACT YOUR
CREDIT SCORES BECAUSE THE
PERCENTAGE OF YOUR CREDIT BEING
USED IS NOW GOING UP SO MUCH BY
PUTTING THAT ON YOUR CREDIT
CARD.
>> YEAH, AND I GUESS SOME
OF THAT INTEREST THAT YOU WERE
TALKING ABOUT NOW NATHAN, TELL
US A LITTLE BIT LIKE YOU'RE THE
CREDIT CARD INSIDE OR SO.
SO WHAT ELSE IS IT THAT YOU DO
TO HELP PEOPLE LIKE WHEN WE'RE
TALKING ABOUT THEIR TAXES?
>> YEAH.
SO BASICALLY CREDIT CARD
INSIDER. IS A WEB SITE WHERE WE
YOU KNOW, IF PEOPLE HAVE ANY
QUESTIONS ABOUT CREDIT OR DEBT
OR YOU KNOW, HOW THEY GET THEIR
CREDIT SCORES, WE BASICALLY
JUST COVER IT ACROSS THE BOARD
AND THEN IF THEY'RE LOOKING FOR
A PARTICULAR TYPE CREDIT CARD,
WE CAN HELP WITH THAT.
SO IN THE CASE OF YOU KNOW, OR
ON TAXES AND IF YOU ARE
THINKING OF MAYBE USING YOUR
CREDIT CARD, YOU MIGHT WANT TO
LOOK INTO A CARD THAT HAS A
REALLY STRONG ZERO PERCENT
INTRODUCTORY OFFER SO YOU CAN
MAYBE OFFSET SOME OF THOSE FEES
WITH THE LACK OF INTEREST OR
USE A CASHBACK REWARDS CARD
THAT REWARDS YOU ENOUGH TO
OFFSET THAT AS WELL.
BUT AGAIN, IT'S NOT REALLY
RECOMMENDED TO USE A CREDIT
CARD IF YOU CAN HELP.
>> ANYTHING ANY OTHER TIPS YOU
HAVE SPECIFICALLY FOR PEOPLE AS
YOU KNOW THEY'RE WORKING ON
THEIR TAX RETURNS OR WAITING
FOR THOSE REFUNDS.
ANY OTHER TIPS YOU HAVE FOR
PEOPLE?
YEAH, BASICALLY JUST YOU KNOW,
THE SOONER YOU CAN TACKLE
WHATEVER ANGLE IS WHETHER
YOU'RE GETTING A REFUND BACK OR
YOU ARE OWING, YOU JUST WANT TO
MAKE THOSE SMART DECISIONS
EARLY ON AND ASK QUESTIONS, YOU
KNOW, CONTACT IF YOU HAVE A
QUESTION WITH IRS THEY CAN HELP
YOU FIND THE BEST OPTION FOR
YOU SO YOU'RE NOT REGRETTING IT
LATER ON.
AND JUST STAYING ON TOP OF YOUR
CREDIT MONTH A MONTH SO YOU'RE
NOT BECAUSE INTEREST IS USUALLY
WHAT JUST KEEPS PEOPLE BURIED
UNDER SO MUCH STRAIN.
SO THE SOONER YOU CAN GET YOUR
CREDIT CARD DEBT PAID DOWN THE
BETTER OVERALL IT'S SURE THAT
INTEREST THAT THAT'S WHAT KEEPS
GETTING THIS NATHAN.
>>