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Posted: August 23, 2010 Updated: December 26, 2012
Are your credit card bills going over the top? Are you struggling to find way to pay off your debts? Do you wish you could find some way to manage your bad credit issues? Do not worry thinking it's just you. Every other American family is dealing with similar and more severe issues. Some do not have enough money coming in; others are struggling to balance their check books. There are still other who are not sure of what payments to make every month when the interest rates are so steep and the outstanding balances simply do not seem to go down.
You are not alone in this struggle. Many people are finding it difficult to make their payments on time or to even make it at all. As they miss a due date, they are reported to the credit bureau as defaulters bringing down their credit scores and further jeopardizing their future prospects. Most firms look at credit scores when considering employees and so many people stand to lose a lot from making such costly mistakes.
When you plan to get a credit card, you need to see what sort of commitments you have currently and also what else you plan for the near future. If you have an auto loan or a mortgage to deal with, make sure you close your monthly balances on the card so you do not end up with inordinately large bills at the end of the month. Most people tend to neglect their financial commitments. When they get incredible sounding marketing offers, they just jump in and take the card. The next mistake they make is considering it as lavish spending money. A large credit limit does not mean you max out your card. When you do so, your credit scores are going down.
Credit cards also pose other difficulties when people are not sure of what they want out of it. If you take up a rewards card with deals and discounts make sure it is at stores where you enjoy shopping or frequent. Reward points for stores you really are not interested in would be pretty much worthless as you would not shop there. There are other cards which promise fabulous cash back offers. People end up spending more and more thinking they are saving. What they fail to see is that there are often additional fees and high APRs that make things way too expensive. When you go for rewards cards make sure you can afford the payments on it every month.
Another common problem is impulse buying. When people get close to getting a reward or to redeeming a high number of points they tend to spend more. They often shop without thought and spend on things they do not really need. In the end there are large bills they cannot pay which leads to bad credit issues. It is better to shop with discretion and sort out bills than to end up with a bad credit score and heavy bills on your head.
Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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