Should you pay off your credit card now or wait until you’ve saved up more money? This is a question many people face. Perhaps unemployment and other poor financial circumstances may have caused you to accrue credit card debt. But now you’re back on your feet with a new job and a little bit of disposable income. But yet you still have that pesky credit card balance which isn’t going anywhere. Do you pay off your debt now or wait until you have even more money? Let me break down the three different options available to you:
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| Credit Score |
Interest Rate |
Monthly Payment |
| 760 – 850 |
4.831% |
$2,633 |
| 700 – 759 |
5.049% |
$2,699 |
| 680 – 699 |
5.223% |
$2,753 |
| 660 – 679 |
5.433% |
$2,818 |
| 640 – 659 |
5.856% |
$2,952 |
| 620 – 639 |
6.392% |
$3,125 |
Having a good credit score is imperative if you’re planning to make a large purchase like a car or a house. If you’re young, you should care about your credit score. If you have no credit, getting a credit card is a good first start. Secondly, buying a used car on credit is another good step to take. Getting a car loan isn’t necessarily a bad thing. Paying off a car loan will help boost your credit score. The ultimate goal is to build up your credit so that you can qualify for a mortgage.
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With the economy still in a state of unrest most of us cannot afford to make mistakes with our credit cards, yet many of us still do. According to the National Foundation for Credit Counseling’s 2011 Consumer Financial Literacy Survey, not only are 73% of adults in the U.S. concerned about their finances, but 65% haven’t reviewed their credit reports in the last 12 months and 40% revolve monthly credit card debt despite the fact that 68% pay for the majority of their purchases with cash or debit cards.
Some common credit card mistakes are borne from misleading myths, others from a lack of attentiveness, but the good news is that whatever is causing your misuse can most likely be corrected rather easily. So, with that being said, the following list will take a look at some of the most common issues people have with their credit cards – whether they know it or not – and how to correct them.
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It’s easy to get yourself into financial problems, but getting out of debt is not easy. You need a long term plan and the determination and patience to see it through. So how can you get out of debt? Follow the steps I’ve outlined below.
- Write down all of your debts. use your credit report as well as your statements to see what you owe. Write down who you owe, what kind of debt it is and the amount.
- Create a budget. In order to tackle your debt, you need to set money aside to pay it down. But first, you’ll need to see where your money is going to see how much you can contribute towards your debt.
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Everyone knows you have to get your credit score up. Just think about all the resources, amounts of articles, and blog posts all dedicated to tips on raising your credit score. If anything, I would say that our current society is a little obsessed with raising credit scores.
The problem that I’ve come across lately, however, is that many people don’t understand why they need to raise their credit score. They’re just told to do so, and that it’s important. This doesn’t leave people with that much incentive to raise their credit score. Why would they if they didn’t realize the perks of a high credit rating? Also, even if someone does have a high credit score, they wouldn’t know what to do with it. Sure, some of the benefits of a high credit score are inherent, but a lot of it is loan and negotiation power, which I will detail further below. Here are a few reasons why you want a higher credit score.
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A credit card can be your saving grace in tough financial times. If you use your credit card responsibly and steer clear of amassing any debt, you’ll find that it can help grow your financial standing. Think of a credit card as a safety net for your finances, ready to bear a monetary burden when you don’t have the cash. Exercise caution with a credit card, and keep in mind that it can dramatically improve your credit rating if used properly. Below are some basic guidelines for credit card usage that will help you maintain a healthy relationship with your card.
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Many people are paranoid about using credit cards. They feel that credit cards lead to dangerous spending that cannot be controlled. Although this scenario rings true for many credit card users, uncontrollable debt is not inevitable.
Before you cut up all your credit cards, you should ask yourself what kind of spender you are. Many people can use credit cards appropriately. In fact, there are a few benefits associated with owning a credit card:
- Credit cards can improve your credit. Creditors in the United States like to see consumers take out long-term lines of credit. Even if you don’t use your card, it is a signal that you are responsible about paying it down. Paying for your purchases with credit cards and paying the bills on time can improve your credit dramatically.
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Before recently, it was hard to predict how a certain mistake would affect your credit score. So, if you missed a credit card payment, you wouldn’t know how much damage your credit score would receive until you actually checked your score and saw the number.
Credit Score Points Lost From Bad Decisions
Fortunately, several months ago FICO revealed just how many points you’d stand to lose if your credit score was affected by certain actions. The information gives us a whole new perspective on how bad decisions really affect our credit standing. The point values revealed are approximate and depend on where your credit stands now. People with
higher credit scores stand to lose more points from bad decisions than people whose credit score are already low.
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Part of the Ethernity
