Wednesday, February 4, 2009

Pay Your Credit Cards on Time - or Else!

I am hearing from more and more clients that credit card companies are raising their interest rates when a payment is only one day late. The interest rates on these credit cards are astronomical - 19%, 25%, 29%! What can you do to avoid this? The easiest thing to do is to set up an automatic payment that will pay your minimum balance. This is a smart thing to do even if you pay your cards in full every month. With an automatic minimum balance payment you avoid any late fees and you maintain your current interest rate. It is important to maintain your interest rate in case you do need to carry a balance on your credit card or of course if you are carrying a balance it is critical. Be smart and take care of your financial future today.

No comments: