Credit Card Tips & Information

eliminate credit card debt

Do you really need a credit card?

  • You may think so, but can you afford a credit card?
  • Will you be able to pay off the full balance every month?

    If you do apply for a credit card, act as informed consumer and find companies that will provide the following:

    1. Low finance or interest charges, also known as APR (Annual Percentage Rates).
    2. No annual fees, or low annual fees.
    3. The ability to pay off your balance without any finance charges (a monthly grace period).
    4. Additional benefits such as purchase warranties, warranty extensions, a miles program, free items (like gas), etc.
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    Hints for using your credit card

    Though credit cards can be extremely helpful in emergencies, they can also get you into financial troubles if you become unable to pay of the balance each month.

  • Keep abreast of your financial situation.
  • AnnualCreditReport.com was created by the three credit reporting companies, Equifax, Experian, and TransUnion. Under the Fair and Accurate Credit Transactions Act (FACT Act), consumers can request and obtain a free credit report once every 12 months from each of the three credit reporting companies.
  • If at all possible, do not carry over any balance from month to month. Many cards charge over 20% in interest.
  • Remain wary of "fixed rates". Credit card companies can change the rate, and they only need to provide you with 15 days notice.
  • Remember to always read your credit card bill completely. Call your credit card company immediately with any questions you may have or items that are unclear.
  • Cash advances usually carry a substantially higher finance charge, and the interest starts accruing on the date of the advance, not the end of the billing cycle.
  • Keep informed of any annual fees. Some credit card companies charge $50 or more per year just to have the card.
  • Read the fine print on any introductory offers. The low interest may expire in 1 to 6 months. Determine how long the introductory rate lasts, and by how much the interest rate will increase. You may not know when the introductory offer expires, but I guarantee that the credit card company will.
  • Make intelligent decisions and purchases. If you are buying an item on credit because you cannot afford, it normally follows that you will still not be able to afford it when your credit card bill arrives.
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    What if you get behind with your credit card payments?

  • Stop all pleasure purchases and nonessential charges.
  • Inform your credit card company of your financial situation immediately. They are often very flexible and able to work out a repayment schedule that you can meet.
  • Make a financial analysis that you can afford - and FOLLOW it. It is human to make mistakes. But do not let your spending errors continue or they could interfere with your future eligibility for mortgages or loans.
  • Get help with your finances. There are many free programs available. Check with your credit card company and even check if there are any local financial educational programs available in your area.
  • Please feel free to contact one of our qualified Debt Analysts for free. They can help you understand your debt relief options and make an informed decision about our Debt Settlement Program.
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