Are your credit card debts giving you nightmares? If yes read on and see if we can save you some money and help you sleep better at night. It is so easy to get yourself into debt, as all these credit card companies seem to be throwing these cards at us.
Learn to understand your statement if you’re paying more than 15% of your monthly salary to your credit card bill then now is the time to take some action. If you pay the minimum payment and the interest charge takes up a lot of your monthly payment, not much is actually coming of the balance. For example say you pay £100 a month now take a look at your statement and see how much actually goes on interest.
Avoid minimum payments
The minimum payments are a nightmare they are costing you a fortune and will take years to pay of the debt. Credit card companies used to take 5% as a minimum payment of the total money owed, but now ask as little as 2% as people where finding it hard to pay back the 5%. This has in turn created a debt problem for many people.
Corporate credit is important for every business to have. Those huge corporations out there we are all familiar with rely upon it. The diner at the corner where you go for coffee does as well. It doesn’t matter the size of the business or what you sell, corporate credit can help you be on your way to obtaining more.
The sky is the limit when it comes to the growth of any business. However, there can be barriers and road blocks along the way you have to contend with. One of them is often the capital to engage in expansion or taking on a huge project. Yet you know if you do so then you will be more profitable and successful than before.
The use of corporate credit can help you to do just that. It can allow you to take those calculated risks that will make your business prosperous. You don’t want to be operating at the same level five years from now as you are currently. However, the saying that it takes money to make money is very true.
It is very important to manage your debt wisely. At one time I had several department store cards that had a 19% to 21.99% APR. Fortunately I kept small balances and paid them off as soon as I could.
After educating myself on how to be financially smart I got a new credit card and closed all of my other accounts. I have had this credit card for almost 20 years and it is the only card I really need. I’ll provide some tips for what to look for in a credit card and will provide some leads for those who are interested.
Tip # 1 Shop for a card that will give you the lowest interest rate. It may be possible to find a card with a set rate plus the prime rate. Your rate would adjust up or down depending on the current prime rate.