Credit Card Debt - A Low Interest Rate Credit Card

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History of Credit Card
Common enough today, a model of the credit card in its modern form was first invented by a fiction writer in 1887. Edward Bellamy, author of Looking Backward, mentions the "credit card" in the context of a utopian and socialist American society of the future. His hero falls into a hypnotic, time traveling sleep and is whisked forward through the years a full century, ending up in Boston in the yea... Read credit cards article



Best Secured Credit Cards
However these cards provide advantages not only to those with bad credit but also to those who want to build their credit and those who want to purchase expensive goods without having to pay out big amounts in full.

Especially for those with bad credit, secured credit cards provide an excellent tool for raising credit score without having to pay excessive interest rates for financing. T... Read credit cards article



Credit Card Debt - A Low Interest Rate Credit Card
Credit cards have provided many people a convenient way to make purchases without using any cash. In fact, many cardholders have credit limit that are twice that of their monthly income. This feature alone has cause many people to go into credit card debts. Some of them have even declared bankruptcy, as they are unable to pay back the debt they incurred.

If you are one of those people that carry a credit card balance each and every month, it is advisable to consider transferring the balance to a low interest rate credit card. A typical credit card usually carries an interest rate of more than twenty percent. Some may go up to more than thirty percent. You have to check with your current credit card company to determine the actual interest rate you are incurring on your card.

A low interest rate credit card usually has an interest rate of ten to twenty percent. A few of the credit card companies may offer an interest rate as low as seven percent. This is usually applicable for customers that have excellent credit rating. Even if you do not have an excellent credit rating, you may still be able to obtain an interest rate that is lower than what you have now.

Many credit card companies offer a zero percentage interest rate for the first six to twelve months if you transfer your balance from your credit cards to their low interest rate credit cards. A one-off administration fee is usually chargeable. This fee range from two to five percent of the balance you want to transfer. Consider the fact that you can stop incurring extra interest for six to twelve months, this fee is worth paying for. You can make use of this grace period to pay off your balance as much as possible.

Once you transfer your balance to your new low interest rate credit card, you must stop charging more purchase to your existing credit cards. Once you have consolidated the outstanding balance for each of your other credit card to your new low interest rate credit card, terminate and cut up the rest of your credit cards. Use only your low interest rate credit card for all your purchase. At this stage, you need to cut down on all your unnecessary expenses and focus on repaying the debt.

Besides cutting down expenses, you should also start improving your knowledge on managing your personal finance. You can visit the library and read up on books that teach you how to manage your expense, setting up emergency fund and other methods of growing your wealth.

You have to be responsible for managing your debt and using a low interest rate credit card is just your first step to eliminating your debt. Cultivating good money management habits will go a long way in helping you clear your debt as well as stay out of debt troubles.

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Credit Card Debt Consolidation Companies

A majority of us have yet to hear of as well as be aware of the concept and practice of card debt consolidation. In fact I hadn't thought of it on my own and wasn't aware of it until one of my friends and I were discussing money and she expressed an interest in this action called credit card debt consolidation. After I showed surprise and intrigue, she explained that one merges all balances on all credit cards into one credit card company or institution's plan. This move means many things:

Firstly, card debt consolidation in short means one can let go of having to "juggle" the bills, or of having to - as my mother would say - rob Peter to pay Paul: instead of having, say, six credit card bills (with six different interest rates, additional fees, etc.), you have just one (with one annual fee, one interest rate, and one finance and processing charge).

Next, card debt consolidation also means saving time. As with the above case, which more of us than not know all too well, the filing and figuring time are reduced significantly. And if one pays online, that time it would take to write checks, hit the mail box, etc. would shrink to a matter of about two minutes.

Next, card debt consolidation usually means a major decrease of interest and other rates generally. In fact I know this one person who has credit cards with up to 29% interest charges on each card. Then another person who did the wise card debt consolidation move and now has not only ONE single interest rate to be concerned with but has that rate down to something like 1%!

And lastly, the card debt consolidation effort does not mean haggling and hassling and humiliation. To a certain extent, depending on the government and/or financial institution you choose to go with, the application process takes approximately five minutes (or less, online, but one needs to be careful to find a SECURED site and therefore to take a little time to find out that the offer is legit in the first place).

So, in order to cut your payments down by 50 or 60 percent; cut your time to almost nothing and shear years off your stress factor and therefore your aging process...you come out happier, healthier (at least mentally), and definitely better off financially. Now that I think on the offers for doing card debt consolidation that I get in the mail, I understand, too, that one could build up a better line of credit with one financial institution, having all amounts owed on one card, and having, basically, a higher credit limit overall...higher than one might have on each individual credit card. Of course not that the purpose here is to amass more debt, mind you!




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Credit Card Debt - A Low Interest Rate Credit Card
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