Information About Credit Cards You Should Know
Posted at by ifydcat on category CreditCredit cards have a tendency to make us buy things we don’t even need. It is in this way that we get ourselves in trouble with debt. They are convenient, and tempting, and we don’t need cash. What we need is more information about credit cards and debt.
You should think hard about the money you spend on your credit cards. If you have the cash with you, and not the credit card, you will only be tempted to spend as much as you have in your wallet. But if you spend that same ten dollars by charging it to a credit card, you could be paying up to $12.00 for that same item, or more, if your rate of interest is twenty percent. Your debt can climb to new heights very quickly in this way. So, try leaving the credit card at home and carrying cash. You’ll always save money in the long run.
How many cards are in your wallet? If you have more than two, you have too many. One should be for emergency purposes only, like if your car suddenly needs mechanical work, or your refrigerator gives out. And the other may be for incidentals, but keep the debt to a minimum.
The applications you fill out for credit cards go on your credit reports as inquiries, and these pull your credit score down. So, keep those inquiries to a minimum, as well. Even too many of these can ruin your credit.
Get to know all about the interest rates and how they change on the cards you now use. Did you know that the bank can change your rate at any time? This is another reason why you should only have one or two.
And the small print is small because they don’t want you to read it. So, read it. And learn all you can about information about credit cards.
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