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Bad debt can really harm your credit history
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Do you worry about credit card debt and your card payments?
Do you worry about credit card debt and your card payments?
It's one of the most expensive loans we can take out, so why do so many people have credit card balances that they don't pay off each month? Perhaps it's because the application form comes in the mail, and we can just fill it out, mail it back and expect to get a new shiny card within a few weeks... especially if we're "pre approved". It's also very handy to have credit cards because they're so quick and simple to use to make purchases. Just hand the card over, swipe and sign (or input your pin on newer cards). On top of that, there are the dozens of introductory offers on new cards, with lower interest rates than all your current cards. Surely you'd be crazy not to accept their offer of a great new card at a great new rate? Ahh yes, but that low rate soon reverts back to the same rate as all the other cards you have... but now you have one more card to rack up debt on!
Apparently, the average American household has 13 payment cards! Thirteen! Why so many? Well, presumably, the $1.1 TRILLION worth of credit card purchases made in 1999 has to be spread out over a few cards or people would start to notice the massive amount of debt they're taking on! If you pay off your card every month, credit cards are actually useful tools to allow you to make payment easily and use up the "interest free period" each month. You may buy that coat on June 1st but not
have to "pay" for it until you pay off the card some time in July. But did you really need the new coat in the first place? What would have happened if you HAD to pay in cold hard cash for the coat? Would you still have bought it? Hmmm.
Americans carry, on average, $5,800 in credit card debt from month to month. People, that's crazy! Credit card debt you don't pay off at the end of the month is one of the most expensive debts you can carry. Instead, why not take out a personal loan at a lower interest rate, pay off your credit cards and pay them off each month? If you can't summon the willpower to pay them off and not overspend, cut them up. Seriously. You'll save a fortune in the long run. Also, consider taking money from your mortgage if you have a felxible "draw down" facility and use that to pay off your credit cards... your mortgage will be one of the cheapest forms of debt available to you. Of course, if you do this and then go back to overspending on your cards, it will land you with more and more debt, so ONLY take on cheaper debt to pay off more expensive debt. You'll save on the difference between the two interest rates.
Finally, please seek advice from a qualified professional before taking any action or not taking any action related to your financial matters. The author take no responsibility for your actions.
About the Author
Author: Tony Bishop
http://www.credit-cards-tips-info.net
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