The Card and your Credit
Did you know that you could consolidate your credit card dues at a much cheaper rate of interest? You may even find a balance transfer scheme where you could get an interest free period of 12 months apart from a consolidated credit card. Much like debt consolidation, this way of consolidating your finance is a better way and may be a cheaper way of paying your dues.
Smart use of your cards can see you through a tricky time, though credit card overdue and regular expense exceeding your income are not great news. Managing credit is ultimately about managing your finances both in the long run and short term. Seeking finance from the right credit facility and repaying o n time and the full amount are crucial aspects of not being burdened by debt. Interest rates on credit cards should not be taken lightly or overlooked especially if you are borrowing a large amount.
For calculating and comparing APRs of various credit card companies you could opt for a finance portal.
You can use credit card comparison sites to view several card ratings in a go. The interest rates too have some dynamic factors, though there is a typical interest rate for most credit card companies and the grace period is between 28 to 56 days, you may find some exceptional deals. Some introductory offers may give 0% interest rate for a period of 12 months, though one should be careful not to accumulate credit before a high interest rate overwhelms you after the introductory period is over.
Having borrowed an amount, make sure you repay before the grace period is over. Overdue payments should never become a habit. Credit card usage should be prudent and not prompt! Take care to not just meet the minimum amount of repayment (which may barely be a little over the interest accumulated on the card) but the full amount. Wise credit card usage will empower you but the same tool could be abused and debt may hang like an albatross around your neck.
Related Tags: credit cards, low interest rates, compare credit cards, cheap credit cards
Honey is a leading finance consultant. His insights in consumer behavior and finance trends make his writings worth the time, literally!
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