Credit Cards / the FAQs

Credit cards are  like loans and loans have different terms and rates depending your credit history and the lender.

When considering a credit card offer ask yourself :

HOW LONG DOES THE INTRODUCTORY OFFER LAST?
Many cards charge little or no interest for the first few months.  After the grace period they usually charge the regular rate. What is the regular rate? You better find out!  If you have transferred balances to a card with an introductory offer and have not paid the balance off by the time the rate changes, the interest can easily get out of hand.

SHOULD I PAY AN ANNUAL FEE?
Paying an annual fee use to be a requirement to have a credit card. Now many companies don't charge annual fees, so look carefully at a card that does.

WHAT ABOUT INTEREST RATES?
Always remember: you have borrowed money.  How much do you want to pay to borrow that money?  8%, 12%, 18%, 23% ? Why pay that kind of money to get a loan? Shop around for the lowest interest rate.  Look on the internet and you can find listings for the best credit cards.

ARE THERE LATE PAYMENT PENALTIES?
Have you paid a $35 late fee on a $25 debt? Penalties are the way credit card companies make a lot of money. Make sure you get that payment in on time! Remember, late payments show up on your credit report, too.

Learning to avoid problems with credit cards requires good information and sound advice. Read more by clicking on the article links to the right or…..

If you would like to TALK TO A PROFESSIONAL from a Financial Education Consortium organization please click the button to the right.  Most organizations offer free or low-cost help from caring counselors who can assist you in determining what steps to take next.

Remember….You Control Your Money!

CLICK HERE for a list of providers to help you