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| Eliminating Credit Card Debt |
| Be Aware |
| You must always be aware of all fees that may
be associated with your credit card. Know the annual fees, current
interest rates, finance charges, cash advance fees, and any
other fees associated with your card. By knowing this information
you can make better decisions on how to manage your card. |
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| Cash Advances |
| You should only get cash advances when it is
absolutely necessary. Higher interest rates usually apply when
you take out a cash advance. This would mean that you would
be paying more interest than on a normal purchase. It is better
to purchase with a credit card than to get a cash advance and
pay by cash. |
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| Interest Rates |
| You should always be on the look out for cards
that offer lower interest rates. Lower interest means you save
more on finance charges. Low introductory rates can also be
very helpful in your quest to become credit card debt free.
You should look for credit cards that offer a low intro rate
(usually for 6 months), and transfer the balance from your previous
credit card to that credit card. This could save you a lot of
money in interest. Make sure that the new card offer the same
or lower interest rate after the introductory rate has expired. |
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| Minimum Payments |
| One of the most common mistakes people make
is that they only pay the minimum required payment. You will
save a lot of money on interest and get to your goal faster
if you pay more than what is required. |
