Why You Should Pay Your Debt Asap
Having a credit card is not unusual anymore for anyone
. In this day and age, it is easy to apply for one, let alone be approved. This is also the reason why a lot of people have more than one card. Most people would think that the more credit cards you have, the better. The truth is that the more cards you have, the more you are likely to be in debt. There is a bigger possibility that you can't keep track of the expenses and balances of each card. There is also a possibility that you max out all the credit limit of your cards. This is the reason why debt management is important.
If you have several cards, the best thing to do is to make a list of all your cards. In a piece of paper or in your laptop, type or write down all your cards. Write the basic information like the credit card number in the front and at the back together with the bank name. It is also vital to jot down how much the credit limit is for each card and how much interest does that certain bank charges. In this way, you will be able to keep track of your cards and your expenses. You can also compare each card and bank. You can see which bank would offer lower interest rates. If you have pinpointed which bank offers the lowest interest rate, always use that card for more expensive items like TV, computer or other things that you know would take a longer time for you to be able to pay. In this way, you will be using that card so that your interests won't be as high as you pay by installment.
You also have to look out for a lot of promos. There are a lot of promos wherein they sell expensive items for less interest and even zero interest rates. Take advantage of this situation so that you will not be pressured to pay for your item all at once.
However, it is better if you can pay for your debts immediately. The problem most of the time would be that the bills would all pile up and this makes it harder for you to be able to pay them. Imagine getting a bill of $500 monthly and paying for it ASAP rather than paying for two consecutive months of $500. It is definitely easier to shed out $500 than $1000, right?
by: Marjorie Salada
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