Here's the Worst Credit Card Advice We Found on Twitter

Avoid these credit card tips on Twitter.

We all know that social media isn't always the best place to go for financial advice. But sometimes, it's hard to resist the urge to scroll through our Twitter feeds and see what people are saying about money. Here is some particularly bad credit card advice on Twitter. This should help you know what NOT to do with your credit cards. 

Credit cards are bad

"The credit card is the cigarette of money. Everyone knows it's bad and will kill you, yet people still use it."

Dave Ramsey is a well-known financial guru with best-selling books and millions of podcast listeners. He is firm in saying no to credit cards and recommends that his listeners cut them up. This is good advice if you have no financial discipline and continue to use your cards with no way to pay them down. The problem is that a credit card is one of the key ways to get a credit score.

While it's true you shouldn't use your credit card when you can’t pay it down, there's nothing wrong with using it if you are disciplined and pay it off every month. You can build up your credit score and earn some nice rewards along the way. I have personally earned enough credit card rewards to fly around the world multiple times. Having a credit card can also be a lifesaver in an emergency situation. Just make sure you have a plan to pay off the balance as soon as possible so you don't end up paying interest on your balance.

We promise to improve your credit score

When you type "credit cards" into the Twitter search bar, the vast majority are credit repair and debt relief service companies promising to negotiate with creditors to reduce your debt or remove negative items from your credit report. Many also call themselves financial coaches, and they advertise services to help you manage your debt. 

According to the Federal Trade Commission, the credit repair industry is fraught with scams. They target consumers with significant credit card debt and demand money upfront. One individual offers a "full credit repair service" for $199. If you need help, you can take the same steps for yourself for free. If there are false negative items on your credit report, you can contact the credit bureaus directly to have them review it. 

Credit repair services are different from credit counseling agencies, which are typically a free resource from nonprofit financial education organizations. These organizations will review your finances, debt and credit reports, and work with you to help you manage your financial situation. It’s important to research any credit repair organization before agreeing to work with it. Avoid any company that promises to do things that are too good to be true. 

Use payday loans to pay off your credit card debt

Would you like to pay an interest rate of 400% on a loan? How about 1,950%? Well, that is what a payday loan charges. There are plenty of ads on Twitter offering you a payday loan with no credit check and instant approval. Payday loans are short-term high-interest loans that are usually in an amount less than $500. Many borrowers who are short on funds before they get their next paycheck go to a payday lender to bridge the gap. 

Many people get payday loans for small immediate expenses. These loans usually need to be repaid within a couple of weeks. Since the fees and interest are high, many borrowers are unable to pay them back completely and roll them into another loan, thereby taking on more fees. Payday loans are also known as cash advance or check advance loans. There are other alternatives to payday loans that can help you pay your bills if you are short on cash.

When it comes to financial advice, social media isn't always the best place to look. This is some really bad credit card advice we found on Twitter, and we wanted to share it with you so you know what NOT to do with your cards. Using your credit card in an unwise manner can lead to serious debt problems down the road.