Credit Card Debt Blog

Americans are using credit cards more than at any clip in history, and credit card companies are reaping record profits. One of the grounds that the credit card industry is so profitable is that so many of us utilize our credit cards unwisely.If you have got good credit, you can get a credit card with a sensible interest rate; state 10% Oregon so. You can maintain that rate by paying your measure on time. On the other hand, if you pay your measures late or neglect to pay in full, then you will have got to pay late fees and interest. Late fees often range between $15 and $29; some card issuers may charge even more. Adding to the hurting of paying late fees, however, is the likely change in interest rates on your card if you pay late. A late payment May trigger a significant addition in the interest rate on your card, and that “reasonable” interest rate of 10% may suddenly lift to 20% Oregon even 25%!It’s hard to pay off your credit card balance when you have got late fees and 25% interest, so this is something you definitely desire to avoid. If you usually pay on time, and you pay late once and are charged a late fee, inquire your credit company if they will relinquish the fee. They will often make it – once. Some volition not make it at all, but it is always deserving pickings the clip to ask. If they are unwilling to assist you, then you may be better off shopping around for a better credit card deal elsewhere. You can often salvage money by transferring your balance to a lower interest credit card, if you have got one. Competition have been ferocious during the last few old age among credit card companies, and it is fairly common to have “promotional” rates of less than 5% if you transfer your balance to another card. Be certain to read the mulct print, however. Those low rates usually apply only to transferred balances, and not to new charges placed on the card. There is usually a clip bounds associated with the promotional rate, and higher rates may apply at the end of the clip limit, perhaps even retroactively!In summary, if you desire to minimise your credit card costs, seek the following: Shop around for a credit card with a low interest rate.Pay your measures on time. A good manner to make this is to pay online. That way, you won’t have got to worry about your check being delayed in the mail.Transfer balances from high interest rate cards to cards with lower rates.Use your cards wisely. If you can pay cash, make it.A few simple stairway can salvage you a luck in interest charges and late fees.