Latina CEO Prefers Using Only One Credit Card. Here’s Why.
If you’ve tried to “Marie Kondo” your living space, it might be good to do the same for your wallet.
According to Sandra Campos, CEO of leading fashion brand Diane von Furstenberg, owning one credit card is the best option for anyone trying to gain control of their finances.
Credit card offerings and incentives such as cashback deals and other exclusive offers can easily lead to overspending, which can result in debt as well as lowering of credit scores.
For anyone who wishes to stay financially fit, here’s what Campos recommends.
“Reduce the amount of credit cards that you have and really focus on cash,” she says in an interview with CNBC Television.
Sticking to debit card and cash means that the money you spend comes straight out of your own bank account and thus avoids the extra step of having to pay another external company to clear debts attached your purchases.
Campos’s life as not only CEO of DvF but also as a mother of three seems complicated enough – so naturally she doesn’t deserve the extra burden when it comes to personal finances. Her secret to keeping things simple? Owning one credit card, and one credit card only.
“Credit cards can be very scary. You add more and more of them, and it just creates more debt,” she explains. “That why my recommendation is not have many.”
To see the full interview, watch the video below: