Managing Your Credit Cards from 'GMA'
Friday, November 5, 2010 by sms
How to use credit card in proper,this is tips for Managing Your Credit Cards from 'GMA' . Many of us use them every day, even as we struggle with the bill payments, the Wall Street Journal's Wendy Bounds said.
Bounds suggested a few tips for managing credit cards in order to make the relationship less stressful.
Pay More
Paying only the minimum can get you into trouble. If you can, pay off the entire balance, or at least more than the minimum monthly balance. By doing that, you can save yourself a lot of money.
Bounds gave this example: If you bought a $2,000 home entertainment system on your credit card and paid the 4 percent minimum balance each month, and if the card's interest rate were 15 percent, it would take you more than seven years to pay off the purchase. You would end up paying more than $800 in interest.
New government rules mandate that your bill disclose how much paying only the minimum would cost you.
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