Guiding consumers since 2009

Your credit cards after the spending season

By Staff Writer

The spending season has come and gone, the January sales are about to kick in, your credit card might well have taken a beating. There are things you can do about it though. Compare credit cards to find the best value offering for you. Then create a payment plan and stick to it, if you just pay off the minimum you will never clear what you owe. There is also the possibility of getting a balance transfer credit card. So how do you go about it?

 

 

When you compare credit cards you can see that there are a huge variety of cards for every purpose and budget. You can get cards for rewards and discounts, for airmiles, or for a cheap loan with a low interest rate. It all depends on how you want to use the card. Getting the correct card for the way that you want to use it is extremely important to help you to not over spend.

The minimum payment on a credit card can be a debt trap where if you only pay off the minimum you are only paying the interest and you will never actually make a dent into the principle sum that you owe, so always try to pay more than the minimum. Another option with credit cards is to get a balance transfer credit card whereby your interest payments will be fixed at a much lower rate generally for 6 months or a year, but then you can't make any new purchases on that card, but it is a great way to pay off your debt cheaper.

 

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