By: Frank

Frank — Thu, 21 Mar 2019 15:33:01 +0000

As I always like to push, you should be paying off your credit card in full every month. There are other alternatives to borrowing money that has lower interest rates. Avoid paying those at all costs!

By: Wanderer

Wanderer — Fri, 08 Mar 2019 11:43:59 +0000

Good information that covers most of the questions people think of. Today, unlike one or two years ago when there were more Fixed Rates around and the Variable Rates spanned 4.9% to 13.9% a person could almost afford to revolve a credit card balance. Since the Federal Reserve found it necessary to increase interest rates, most Fixed Rate Cards were changed to Variable Rates. It appears now that Variable Rates are increasing to over 16.9% to well into the 20.9+% rates … WOW! Way to high for floating balances! As the author mentioned, paying off credit card balances during the “grace period” is important so as to not incur interest. Note, the high interest rate eats into your monthly payment extending the time it takes to lower the unpaid balance since more of your payment is applied to the interest and less to the principal. While the lending institutions are smiling about the opportunity to charge more interest … we as consumers may want to look at paying our credit card balances on a timely basis and cut the banks out of the interest. For the more adventure oriented card owners, take a look at credit unions as they often offer some good products with interest rates that are a tad more consumer affordable. Big banks are not the only show in town and after all it is your money!

Comments on: 4 Options for Dealing With Higher Credit Card Interest Rates

By: Frank

By: Wanderer