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As you strive to settle your debts, most of you have made a commitment to rely on cash instead of credit cards. After you complete your debt negotiation
program, you will probably want to re-establish your credit. As you probably know, credit cards can cause serious financial problems if they are not used properly. Periodically,
this column will discuss a credit card issue and give you tips on responsible credit card use.
Cash advances:
This may seem like a convenient way to access cash, but the fees and interest rates are usually much higher than actual purchases.
Buy now...pay later:
If you can not afford to pay with cash, try to avoid charging. You will eventually have to pay for it with interest.
Charging necessities:
Food and gas may seem like small amounts to charge. If you pay your balance in full each month, it may help rebuild your credit. However, if
you carry a revolving balance and use credit as a means to make it through to next payday, small purchases may multiply over time.
Applying for many credit cards:
When it comes time to rebuild your credit, consider applying for only one or two credit cards. Many inquiries in a short amount of
time may lower your credit score.
Paying only the minimum:
Minimum payments are designed to keep you in debt for a long time. If possible, only charge items that you can afford to pay in full each
month. If you want to calculate how long it will take you to pay off your balance if you only pay the minimum, use our online
debt reduction calculator.
Late payments:
You may incur late fees and be subject to an interest rate increase if your credit card payment is delinquent. Keep track of due dates and take advantage of online payment
tools.
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Get Debt Relief Now!
For a free consultation call 1-800-297-6417 or start by filling in the form below and one of our specialists will contact you. We are here to help you 24 hours a day.
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