As I’m sure you know, Americans are up to their ears in debt, and the credit card got them there!
Perhaps you’ll find these tips helpful for avoiding the credit trap.
· Know your credit limit based on your income, amount of current debt, and credit history. Your total monthly debt shouldn’t exceed 38% of your monthly income.
· Carry only the cards you need. Creditors look at how much you’re able to go into debt when they review your record.
· Determine how much a credit card costs you with interest rate, annual fee, and grace period. Don’t forget the extra fees for cash allowances and late payments.
· Consider joining a credit union to take advantage of their lower interest rates.
· If you can’t make your payments on time or if you want to dispute a charge, contact your card issuer immediately and put everything in writing.
· Don’t get fooled when card issuers lower your minimum payments. It only makes it easier for you to stay in debt and increases the total interest you’ll pay.
Your credit is vital for you now and in the future. If you are carrying substantial debt on high-interest credit cards, we can discuss options to reduce your payments.
Please keep in mind that I’m always available to serve you and others with financing needs.
For more helpful resources visit BayAreaHomeBuyersInfo.com!
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