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A Credit Card Glossary of Terms
The Credit card industry comes with a lot of jargon. You can't
be expected to recognise all the technical phrases employed and
some of them could be very important. Listed below you will find
a quick description of the most common credit card...
A Credit Card With More Than Meets The Eye
With so many credit cards dominating the market these days,
people can no longer tell the difference between one card to
another. It all seems like a wide array of credit cards all
committed to provide the consumers with substantial means...
How Do You Accept Credit Card: Let Me Count The Ways
Nowadays, everything seems to revolve around plastics. That is,
more and more people are finding credit cards as the most
convenient way to shopping, whether it is online or not.
Hence, with the arrival of credit cards in the market...
How to Get Your Credit Report for Free
Did you know that it's easy for you to get a free credit report ? An amendment to the FCRA requires each of the nationwide consumer reporting companies--Equifax, Experian, and TransUnion--to provide you with a free copy of your credit report, at...
Making a Credit Card Work For You
Boosting Your Credit-Rating With A Well-Managed Credit Card
A considerable obstacle standing between many Americans and the consumer goods they consider a necessary or desirable part of life is a ready way to pay for them. From a new piece of...
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Credit Card Minimum Payments Create Debt
A credit card minimum payment means that you can spend more and
pay as little back as the credit card issuer will allow you.
Sounds great in theory but it is a system that will turn out to
be your worse nightmare. If you stick to it before long you will
find that you have reached your limit, have nothing left to
spend and all the while your past purchases are totting up
interest charges. These sequence of events make your minimum
payments so high, that you can only afford to pay back the
interest charges and your debt remains the same, with no light
at the end of the tunnel as to how you are going to clear it.
This is where the credit card companies have gotten wise and by
reducing the minimum payment steadily from 10% on original
credit cards to the 2% that most now have set, they have seen a
way of making as much profit from you and I as possible. By
reducing the minimum payment to such a low level, they have
given the customer a false picture on how much they can spend on
their credit cards and how much they can really afford. With the
minimum payment now sitting at 2%, those who cannot clear their
credit cards in full each month, will now see interest charges
being added to interest charges, as their balance increases
month by month.
To
reduce your debt stop using your credit card
This is a position that many find themselves in and by noticing
it early on you could be saving yourself a lot of grief and a
good bit of money. If you are there at this point, then the best
thing that you can do is to stop using the credit card
altogether and start to look at ways to reduce your outstanding
debt. Even if you find that you have to cut back on other
expenditure, you should deal with a debt that is a drain to your
finances and by saving now on a few luxuries it will be to your
advantage. As you pay off you balance quicker you will save more
in interest charges.
Always remember that by paying minimum payments and minimum
payments only, you are playing a very dangerous game with your
hard earned cash. So why should you work many hours a week just
to feed the profits of a bank or credit card issuer, who will be
your friend until such a time you cannot afford to pay back the
cash that they let you borrow.
Take action today!
About the author:
Peter Kenny is a writer for creditcards-gb For additional
articles and an extensive resource for everything about credit
cards, please visit us at http://www.creditcards-gb.co.uk and
http://www.creditcards2go4.com
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