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Friday 18th of August 2017

Credit Card Debt Can You Get Ahead PDF Print Email
Finance - Loans
Written by: Darren Cason   
Saturday, 23 May 2009 13:40
If you are using your credit cards daily, or even weekly you could be racking up debt that you just can't afford. Think about your credit cards, and how much you owe on your credit card debts right now. The interest on these accounts is adding to the amount you owe daily as well. Learning to be smart about your credit cards and your credit card debt is going to help you overcome the long term debts associated with credit cards.


If you are using your credit cards daily, or even weekly you could be racking up debt that you just can't afford. Think about your credit cards, and how much you owe on your credit card debts right now. The interest on these accounts is adding to the amount you owe daily as well. Learning to be smart about your credit cards and your credit card debt is going to help you overcome the long term debts associated with credit cards.

How Much Are You Paying

If you don't know how much the interest rate is on the credit cards you are using you could be losing out on a lot of money. Most credit cards average an interest rate of 18%. Yes, some are lower, and some interest rates are higher but you first need to know what your interest rates are. If you make a decision to use a credit card, you should also make the decision to pay off that credit card on a monthly basis.

How Much Are You Paying

If you are making just the minimum payment amount on your credit card, you aren't paying enough. If you make a major purchase using your credit card, and you make just the minimum payment you could end up paying two or three times as much for that item than what you paid for it because of the interest. This really means you are just giving away your money to the banks and credit card companies when you make just the minimum amount payments.

How Long Have You Carried Your Balance

Think about the money you charge on your credit card, and then think about the interest you paid last year. If you paid minimum payments and the interest keeps building on that credit card, you haven't paid off the item you purchased a year ago. You are wasting your money. Think about the debts you have, and how much money you would have if you didn't have that big credit card payment every month. You could have more money in your savings, if you were to make that credit card debt 'go away'.

There are people all across the nation and around the world that are wasting money on interest and late payment fees to credit card companies. Most households pay over a thousand dollars of interest in just one year on the credit card debts they are holding.

Do you want to be one of those families who has been paying on furniture for longer than the furniture is going to last, just because you put the purchase on a credit card, and then you are making the minimum payments? Think smart, and make your money work harder for you when you use a credit card to make a purchase of any type.

How to Get Ahead of Credit Card Debt

You can get ahead of the vicious circle of debt by paying more on your credit cards than the minimum payments. Even if you have bad credit with an unsecured loan most people can pay just ten more dollars than they have to and pay down on the principal balances, that means paying even less interest next month. You can get out from under all that credit card debt, but it will mean not using your credit card to make small purchases or purchases that you could otherwise pay cash for. Think smart, pay down those cards, and get ahead of the credit card debt.

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