Debt Info Site

Credit card companies like to send offers in the mail in the hopes that they can entice people to sign up, charge things they can’t afford, and pay ridiculous interest rates. When you accept a credit card offer for 0% or other low interest amounts, it is typically for a short amount of time. If you are ever late or miss a payment, those interest rates can skyrocket to 30% (and sometimes more!).

 It’s true…you need credit cards to build credit for yourself to be able to get low mortgage and car loan rates, however, credit cards can also ruin your credit. Be cautious about which cards you sign up for, and be sure to pay off your balance every month. That way, if the credit card company does try to charge you 30% interest, it won’t really matter because you’ll never pay interest if you pay off the balance every month.

 At any rate, be smart about what you purchase. Don’t buy what you can’t afford. Chances are, that big screen hdtv may look fun now, but will it be worth it in a year when the latest model has come out, but you’re still paying for last year’s model? Save up, buy the tv (or whatever) when you can afford to, and enjoy the peace of mind that comes with living debt free.