This site is dedicated to helping you save money and increase your bank account with those savings. First, we need to talk about adding to debt. We need to stop it from growing! The interest applied to your credit card balance every month digs your financial debt hole a little deeper. Let’s look at credit issues and see what we can do to reduce payments and help increase your credit score and bank account this year.
Paying only the minimum balance on your credit card adds to your total debt and every late payment decreases your credit score.
Check your credit report for accuracy.
Your credit report is a summary of your credit history. Inaccurate information can effect your score. This should be checked yearly to determine if any information is incorrect. This score will help you get the best rate on any credit cards you apply for in the future.
I know what you’re thinking. Another card? Yes, you will not be getting more credit cards to increase your debt. Why should you considering getting a new credit card? Read the next tip.
Consider a 0% Credit Card Balance Transfer
When considering this option it is important to know the facts. Ask the following questions of each account you are researching. The answers are important to know so that you can plan your monthly budget and know when the transferred balance needs to be paid off. Knowing when to pay it off and when to have a zero balance helps you not to accrue more fees that will need to pay.
- What is the annual fee?
- What is the transfer fee?
- How long is the 0% APR?
Need a no fee card? Chase Slate has a no annual fee and no balance transfer fee offer.
Looking for longest 0% APR rate? Citi Simplicity has a 0% APR lasting 21 months.
Need help? Talk to a credit, debt and loan specialist at the Credit Assistance Network. They will help you understand your credit and help with issues with identity theft, incorrect information on your credit report, bankruptcies and collections to get you back on track.
The above information is not financial advice but information to consider to pay down your current debts. Care should be taken when deciding your financial strategies.