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Home Owners Avoiding Complications in Credit Repair
Avoiding complications in credit repair is almost important as
getting out of debt. When we have bills that were neglected
simply because we didn't have the money to pay the bills, or
else we purchased items instead of paying the bills, we are...
How To Avail Of Credit Card Point Redemption
I have a friend who's a frequent traveler who's most of the time
always out of the United States. While he's always traveling,
his purchases done in other countries are done over his credit
cards. He prefers using his frequent traveler credit...
Making Money with Credit Cards Instead of Spending Money.
Is it possible to actually make money with credit cards
instead of just using them to spend money?
Well, of course for the large credit card companies and
banks. But how about for the average person? Is it really
possible for the average...
The best time to repair your credit is now
By the time you become interested in credit, two things have
probably already happened:
1) Your credit is bad, and has been for sometime
2) You want something in life like a new car or house and your
poor credit is preventing...
Understanding Credit Card Penalties
Because most of us have one or two credit cards and we use them every day, understanding credit card penalties and fees is a significant issue since one time or another we have paid a penalty for some reason. Every user of a credit card must first...
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How to Handle and Avoid Credit Card Debt
If you are trying to avoid credit card debt, it probably seems like the entire world is working against you. Anyone with a mailbox receives hundreds of credit cards offers every year. And although credit cards can be lifesavers when used responsibly, they can become nightmares when used recklessly.
The first step to avoiding credit card debt is to avoid credit cards. Now, this does not mean that you should never use a credit card. For certain transactions, especially ones made over the Internet, credit cards are usually considered the safest payment method. However, you should avoid putting every day purchases on your credit card, lest they quickly add up. If you cannot afford a purchase with the money that is in your wallet or in your bank, ask yourself if you really need to make the purchase after all. If you do need to buy something and the credit card is your only option, try to pay the debt off as soon as possible.
When picking a credit card, do not be fooled by low introductory APRs. If the rate jumps in a couple of months, then the credit card is not a good deal. Instead, look for credit cards that have a continuously competitive rate. You can even try calling your credit card company and asking for a lower rate. Although it might take a bit of negotiating, many credit card companies will lower your APR rather than lose you as a customer.
No matter how low you APR is, do not think that it is okay to only make the minimum payments. If you only pay the minimum fee, it will take you years to pay off the credit card. In the meantime, you will accrue more debt in interest. For example, if you have $2000 in credit card debt and have a rather low APR of 14 percent, you will still have to spend
over six years paying off the credit card if you make a minimum monthly payment of $40. In this scenario, you will end up paying over $1000 in interest. With a higher APR, you would pay considerably more. Obviously, making higher payments as soon as possible is the best solution.
Many companies offer debt consolidation loans; if you have a lot of debt on several different cards, debt consolidation may be a good option for you. Other types of debt, including medical bills, can be consolidated at the same time. If nothing else, consolidation makes paying back debts easier, since you have fewer checks to write each month and less chance of forgetting to pay. Even better, most people are able to lower their combined monthly payment and APR by consolidating. Just make sure you pay back as much as possible every month, even if you are not required to pay as much as before. And do not rush into consolidation; take your time looking for the best deal.
Credit card debt is not the end of the world, but if it is not handled responsibly, credit card debt can be the end of your financial security. For more Credit Repair Tips, please visit us at Helpful Home Ideas.
About the Author
Johann Erickson is the owner of Online Discount Mart and TV Products 4 Less. Please include an active link to our site if you'd like to reprint this article. He is also a contributing writer for sites such as Helpful Home Ideas
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