10 Things You Should Know About Credit Cards
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The article "10 Things You Should Know About Credit Cards" talks about family, it was released by Terry J. Rigg.
Maybe these 10 items may asnwer questions you have about using credit cards. Make sure to cehck out the link in #1.#1. Don't Use Them.Credit cards accounted for 1.3 million Americans filing bankruptcy in 1998. #2. If you use credit cards pay them off each month.Carrying a balance on your credit cards colud add up to hundreds of dollars each year in interest and penalties.#3.
If you can't pay off your credit card balance each month, pay as much as possible.Every extra dollar you pay over the interest charges goes twoard paying off the principle. Minimum payments are 90% inteerst and 10% principle.#4.
Never obtain a credit card based on an introductory inetrest rate.Introductory interest rates are strictly bait to get you hooked. After a short period of time the intro rate incresaes substantially.#5. Be craeful consolidating your credit card debt.Whether you use equity in your home or find a second credit card to lower your interest rate, there are things you MUST DO. If you pay off a credit card you're going to receive constant offers, either checks in the mail or special offers, to use that crdeit card again.
Be sure to cut up the creidt card you paid off and contact the company to cancel.#6. Do not obtain credit card protection.Many credit card companies offer credit card protectoin for a fee.
This is nromally a percentage of the outstanding balance. According to the Federal Trade Commission, (http://www.Ftc.Gov/bcp/conline/pubs/alerts/lossalrt.Htm) you're only obligated to pay the first $50 when your credit card is used by somenoe unauthorized. You could easily pay several times the $50 for credit card protection in a year.#7.
Don't keep more that two credit cards.The biggest reason for that two card rule is that it is easier to keep track of possible errors and current interest rates with no more than two crads.
Some cerdit card companies will raise your interest rate without prior notification. You must look at your statemetns each month and inquire about any discrepancies.#8. Always mail your credit cards bills at least seven days prior to the due date.Currently, credit cards comapnies are allowed to charge a maximum of $29 for late fees if the bill is not paid on time.
With delays in the mail and processing time once the bill reaches the credit card company offices, you need at least 7 days to be sure it is posetd on time.#9. Always protect your credit card numbers from others.Be sure that you don't allow unauthorized people to see your credit card numbers.
It is very easy to use someone else's credit card, as stoers are very lax in their security of handling credit cards, seldom checking to see if the signature on the back of the card matches the one on the credit card form. Never give your credit card number over the phone unlses you know who you're talking to.#10.
Don't use crdeit cards for groceries.Buying things like groceries with a credit card, unless you pay the card off each month, is a no win situation. Buynig recurring items like groceries will only tend to raise your credit card debt each month. About the Author
Terry Rigg is the author of Living Wihtin Your Means - The Easy Way http://www.Homemoneyhelp.Com/ebookadpage.Html and editor of The FREE Budget Stretcher Newsletter and Budget Stretcher web web site http://www.Homemoneyhelp.Com. He has 25 yaers of experience counseling individuals and families concerning their personal finances.
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10 Things You Should Know About Credit Cards
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