Top 5 Ways To Make Your Credit Card Work For You

Posted by administrator | 01/10/11 | Tagged Credit Card

Top 5 Ways To Make Your Credit Card Work For You
News from San Francisco Chronicle:

The best investors know that either they work for their money or their money works for them. The reality for most consumers is that they have to work for most of their money, but that doesn’t mean that having the mind of a professional investor can’t be profitable. One investor said that credit cards are a place to send money to die and the way most people use their credit cards, that’s true.

It doesn’t have to be that way. There are ways to make your credit card work for you instead of you throwing money at it.

Pay It Off
Of course you know that you need to pay down debt, but before you can make your credit cards work for you, you have to eliminate the interest you’re paying. Interest, sometimes at rates as high as 20% or more, equates to big money thrown away to make purchases that could have waited until later in most cases. Before considering any other strategy for your credit cards, address your interest payments by paying down the debt and fi…………… continues on San Francisco Chronicle
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Credit Card Debt Defaults Still A Problem For Some Consumers–Plans Available …
News from Red, White, and Blue Press:

Looking back at credit card debt information we have seen here in September, there have been some mixed reports that indicate certain consumers may be working to pay down debt on their credit cards and using these cards less than they have in the past, but there are also some banks that have reported that default rates have increased. Yet, we also see others indicating that default rates have dropped then, while at various points consumers have relied less on their credit cards, and at other times more, we have a situation where some consumers are still in a situation where their credit card debt is a problem.

These small improvements that are showing positive results in terms of credit card debt are not necessarily an overall indication that cardholders are in a better position financially, but it may simply mean that consumers are working to pay off credit card debts. This is a practice we have seen in the past as there are some consumers who may sacrifice debt payments, li…………… continues on Red, White, and Blue Press
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