Credit Cards and Interest Rates - CuraDebt

Credit Cards and Interest Rates

The average person today has multiple credit cards to use for everyday expenses

Credit cards have become very normalized in todays society. Things like putting a luxury trip on a credit card, buying everyday necessities, or treating your significant other to a nice meal, has become a part of our every day credit card expenses. Although putting all of these items on a credit card is very appealing, every time you swipe your credit card you run the risk of falling behind on payments. Interest rates can be high and future issues can be hidden in the fine print. It is important to understand exactly what you are getting into before making purchases on your credit cards.

Credit Cards Can Be Useful

Credit cards do have their benefits. If you can pay off credit cards monthly it is a recipe for success. Those that want to purchase a home on a mortgage can help increase their credit score by doing this. If you are going to put it on the debit card, just use a credit card to build credit and earn potential rewards.

Interest Can Pile Up Fast

The downside to credit cards is interest rates for credit cardholders can be very high. The last thing that you want to do is to rack up a debt that you will not be able to deal with as interest rates around 30 percent will compound quickly. A few hundred-dollar debt can be tough to pay off with high-interest rates especially if you have a limited monthly income. Late fees can also be quite expensive and add up over time.

When looking into a credit card you need to consider the following: 

● The primary use of the card whether it is professional, for traveling, or personal expenses. Depending on the primary use there are travel credit cards, business credit cards, and the traditional credit card. Rewards need  to be considered as well as they can be redeemed in cash or by applying the amount of the rewards to the current credit card balance. 

Interest rates and if this is something you will be able to maintain even if you fall behind on a payment or two.

● Whether you can handle the responsibility that comes with a credit card. Spontaneous shopping sprees can result in you being in debt for years to come. 

Credit cards are not for those that will not be able to make the right financial decisions. It is for those that are ready to build credit through timely payment, A credit card is perfect. The perks and rewards credit cards come with make them superior to nearly all debit cards.

How You Can Deal With Debt 

Dealing with debt can be tough as many people that have made bad financial decisions did so on account of a lack of financial knowledge. Educating yourself is a great first step as you might be able to put together a plan to climb out of debt.

Options Available To You

● Establish a budget for your needs rather than your wants. Sticking to a budget is the first step to getting out of debt promptly.

● More often than not it is too easy to fall behind on payments to creditors. Contacting debt relief companies to assist you in dealing with creditors can be an incredible solution. Stopping the calls from creditors will immediately relieve the stress of those who are constantly harassed.

Remember when looking at credit cards deals that are too good to be true might come with fine print that you will wish that you had read. Do not allow creditors to draw you in if you are not ready for a credit card with a zero-payment period. People tend to spend quite a bit more during the first few months knowing they will have a set amount of time to pay back the debt. A few months of not full payments can cost thousands of dollars depending on the amount of time in the zero-payment period.

Curadebt Can Help Resolve Your Current Credit Card Debts

A stress free piggy bank

At Curadebt we understand that debt can consume you and prevent you from enjoying life to its fullest. We can help handle the creditors as our debt professionals understand the industry after years of success. We can make becoming debt free a stressless process. Below are some financial issues we can help with:

Tax debt relief is something we specialize in with us directly dealing with the IRS for you.

● Debt relief where our mission is to help you resolve unsecured debts and achieve your financial goals.

To Summarize

Credit cards are not for everyone as they have truly ruined lives for certain individuals that did not understand interest rates or penalties. In today’s world where credit cards have become a normality it’s important to know all of the available resources you have.

Debt can be embarrassing but understand that most fall into financial hardships at some point in their lifetime. Helping you is our goal at Curadebt and we pride ourselves on putting the customer first and helping them in the highest-quality manner in our industry. Get a free consultation today.


Share this:

twitterpinterestlinkedin
Back to top