How contralateral credit cards?

In 2009, the percentage of people who stopped paying their credit card reached a record time in the last 4 years. A few factors may have been responsible for pushing consumers to these extremes, including the mortgage crisis, rising energy costs and the fall in average savings. In times of economic crisis, people are tempted to use their credit cards to survive. They can pay the bills, but there may be many consequences to rely on financing through credit cards. In this article we review some of the most important advantages and disadvantages of credit cards and show you how to use them wisely.

There are many valid reasons to use credit cards. They eliminate the need to carry large amounts of cash, and many offer excellent programs that reward use with airline miles, cruises and other benefits to buying everyday items like gasoline and food. The Discover card, for example, offers one of the most recognized ?money back?, allowing consumers to get a discount on every purchase. Credit cards are also very useful during an emergency because they allow you to get cash quickly and provide a convenient way to shop unexpected, but always a good idea to have an emergency fund.

But the truth is that if you can not afford a cash purchase is because your financial capacity is not enough to make that purchase. Nobody likes to hear this but the reality of credit cards. Often, credit cards are used by people as a means to obtain those things we can not buy with cash. Unfortunately, being able to pay the monthly fee is the same as being able to make the purchase. If an increase in the price of gasoline suddenly leaves people with no credit cards to meet the monthly payment, then the gasoline is not the only thing these people can not buy: all the things you bought on credit were also above their reach.

Organize your credit cards

If you have a balance on your credit cards, especially if you are only able to make the minimum monthly payment, it?s time to take control of the situation. Start by reading the fine print in contracts with your credit providers. Pay particular attention to the following:

• Annual management fee: Why pay beam handling fee for the privilege of paying 14% + interest on items that you can not buy? If the card comes with a handling fee, cancel it immediately.
• Interest rates: The credit card companies charge high rates because consumers are willing to pay. Simply pick up the phone and ask your creditors to reduce your interest rate. You may be surprised to learn that many companies will lower the interest rate simply because you called.
• Late fees: This fee is considered a penalty when you make payments on time. When you are looking for credit cards, be sure to compare late fees. If you can not make the minimum payment, this fee will put you in a worse situation.
• Penalty rates: According to a survey by Consumer Action in 2005, 79% of credit card companies impose higher interest rates as a penalty for people who do not pay on time monthly. Since 21% of companies do this, should not be too difficult to get a card with no rate penalty.
• Overdraft charges: Many companies impose a penalty if you exceed the credit limit. Again, you need to compare these fees before choosing a credit card.
• Bounced check fees: Banks charge a fee for each check that bounces, many credit card companies also charge an additional fee if you send them a check that is not effective. Avoid this extra expense.

Minimum payments: The minimum payments are the cardinal sin of using credit cards. If you thought gas was expensive at $ 3.25 per gallon, why want to have a balance and pay interest on top of the initial cost? According to Bankrate.com, if only you make the minimum payment on a credit card with a balance of $ 12,000 and a 18% interest would take more than 60 years and about $ 35,000 to pay the balance of the card. Despite this, they report that about 7% of Americans only make the minimum payment each month. This situation is so alarming that federal regulators recently issued a guide recommending that loa credit card companies require customers to pay at least 1% of the debt each month. At that level, the $ 12,000 would be paid only 30 years at a cost of $ 17.500.

Conclusion

Credit cards if mimas not put people in debt. After all, a credit card is only an instrument, and these are just as dangerous as people who use them. To minimize the dangers to your financial stability, choose your credit cards wisely, think twice before using them and above all do not carry a balance. If your credit card helps you save money or does not provide the benefits listed above, do not use. Do not damage your financial stability by having things at the moment can not reach.

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