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When he was young and busy as a Wall Street analyst, he says, he would occasionally carry a balance or forget to make payments on time.Now, being free of credit card debt is a matter of numbers to him.
He amassed his first million by saving more than half his income and all his annual bonuses, maxing out his 401(k) and investing in real estate.Nerd Wallet recently reached out to six millionaires to ask them about their past and current credit card use.We got a glimpse into their blunders and their favorite credit cards, plus some solid advice for people struggling with credit card debt.When he was in college, he always carried a balance and got caught in the interest trap.
“I learned after making 0-a-month payments for years,” he says, “that I didn’t pay off anything and had just been paying the interest.” When Rampton realized what was going on, he put away his credit cards and used only cash for two years. “I typically pay off my balance on a daily basis,” he says.“I don’t even let it get past pending status, it bugs me so bad.” Doug Nordman, retired U. Navy submariner Largest credit card purchase: ,696 for stamped concrete installation As Nordman puts it, he and his wife, Marge, became millionaires “the old-fashioned way.” The 54-year-old and his wife, who now live on Oahu in Hawaii, saved a large portion of their Navy incomes every month and invested it in equity mutual funds.