Archive for the Credit Cards

Top 5 Mistakes People Make With Their First Credit Card

Source: https://www.pexels.com/photo/administration-analytics- business-commerce-237675/ The new Credit Card act that came in to force in 2010 was set to provide protection to users. It made it hard for those less than 21 years of age to get a credit card and now many in college or leaving college are getting cards and committing the same naïve mistakes kids in high school did. Getting your fist credit card marks advancement to new responsibility levels rather than just achievement. To make through it without being laden with a crippling debt and poor credit scores, here are five mistakes by first time cards holders you should avoid. 1. Failing to do a thorough shopping for best rates. This is a common mistake people getting their first card do. Going for the first offer you get is a desperate move and denies you a chance to shop through different card rates in the market. The interest rate is the biggest factor to consider when getting your credit card and it affects the ease with which you get to pay the debt. 2. Going for rewards […]

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How to Be Responsible With Credit Cards

Irresponsible spending on credit cards often leads to financial ruin. This is because consumers just spend and worry about the bills later. Credit card statements are one of the most ignored pieces of mail. Missing a payment affects your credit and results in more interest being tacked on to your balance, thus reducing your available credit. Pay Off Balances If you need to use your credit card, make small purchase like gas or groceries. Pay off these balances when you get the bill. Don’t let them linger by making only minimum payments. It is a good rule of thumb to refrain from making purchases that you cannot pay in full when the statement comes. While keeping revolving credit active on your credit report it does show financial responsibility in regards to on-time payments. However, the recurring interest does not help you financially. Pay More than Minimum Payments If you cannot pay the balance in full when the statement does arrive, at least double the payment or make it considerably more than the minimum amount due. Paying only minimum is not […]

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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