I Know, Getting Another Credit Card For Spending Purposes Is Certainly Not The Solution, But Getting One For Payment Purposes Is

Category: Finance, Credit.

Ever since I established a credit history for the first time at the age of 18, I ve been getting all manner of credit card offers and credit card applications.

Though I nearly maxed the card out in a matter of months, I never had any late payments or other penalties. When I got my first credit card, I admittedly went a little wild with what I viewed to be invisible money that I was free to spend however I liked. Thing was, I was only able to make the minimum payment each month, and the interest charges were rapidly accumulating. I know, getting another credit card for spending purposes is certainly not the solution, but getting one for payment purposes is. That s when I began paying attention to some of the offers for instant approval credit cards that kept showing up in my mailbox. I was looking to apply for a credit card that offered a reasonable balance transfer plan so that I could pay off my current debt without having to worry about interest.

After sifting through 10- 12 credit card applications and their accompanying literature, I finally found a balance transfer plan offered by one of those instant approval credit cards. For all the credit card offers targeted to people like me, there was bound to be one that could help me reduce my debt and salvage my credit score before I got in over my head. I was pleasantly surprised to learn that I could expedite the process by getting an instant decision on my application. At the rate I went, in fact, I was, able to pay the card off. As soon as I was granted access to credit and the balance transfer went through, I began making payments on 0% interest. that money I saved in interest, I put towards larger payments to guarantee I got the balance paid off by the end of the 9 month interest- free period. At that time, I began my search for instant approval credit cards with low introductory interest periods.

My advice to anyone who uses credit cards- -and most of us do at some time or another- -is shop around for the best credit card offers out there. From that point on, I figured there was no point in ever having to pay high interest again- -not when I had access to low interest cards( at least for a certain period of time) and balance transfers with low or no interest. Never assume that one offer is a good deal when you haven t seen what else is available. So next time you re flipping through credit card applications, ask yourself if you re getting the best possible card for your debt management strategy. I ve found in my own experience with personal finance, that there s no reason why anyone should have to pay all that money in interest- -sometimes 25- 30 percent! If you think you re paying too much interest now, you probably are.

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