You may not have paid too much attention on the interest rates imposed by your credit card issuers but in times like these when there is so much economic difficulty, it’s time to start minding the “little” details, which when you add them all up, still total big dollar amounts.
Credit card issuers charge up to 18% in interest rates. So before swiping that card and making that purchase, do a short self-questioning session first. Ask yourself, is this purchase worth swiping? Or is it better to save up first so I can just purchase this in cash? Are the interest rates worth for this piece of item I’m about to buy? Can it wait? Do I have more urgent things to pay for? Is this the best time to make the purchase?
Consider your capacity to pay the loan. Will you able to pay it off within a few months? Are you disciplined enough to strictly impose upon yourself a budget for paying your card until the balance reaches zero? Don’t let your credit card control your life. Be in control of your credit card and not the other way around.
Limit the number of credit cards you carry in your wallet everyday to avoid going on a tempting shopping spree then falling into huge debts afterwards. Many have been pushed into debt consolidation measures, delinquencies, and worst, bankruptcy.
Furthermore, the less number of cards you use, the easier it becomes for you to keep track of your spending and payments.
Research credit cards that offer the best rates. Yes, there are good deals out there waiting to be discovered. Don’t just accept whatever credit card offer that arrives in your mailbox. Credit card companies will do anything to lure you with their fancy marketing strategies so be smart and pay attention to details.
Remember that you always have a choice. Maximize your options and be a wise consumer.
For more great credit tips and news tune in to The Graceful Credit Show live every Sunday at 3:00pm EST on WCHB News Talk AM 1200.
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In order for us to get a jump start in helping you reach your goals and better help service you visit GracefulCredit.com, click on Quick Quote, and schedule your free consultation today.
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