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Credit Card Tips  

(Avoiding the Minimum Payment Pitfall:
One of the greatest card pitfalls is making only the minimum payment each month. Make every effort to pay over the minimum each month, even if it is only a few dollars over. The long term impact of making "just the minimum payment" is devastating. According to Consumer Credit Counseling Services, paying the $60 minimum payment on a $3,000 credit card balance would take eight years to pay off and would translate into $2,780 in interest! By paying only $50 more a month, however, the debt would be paid off in three years and result in a savings of $1,800 in interest charges!

The Graceless Grace Period:
Avoid cards that begin computing their grace period at the time of purchases, rather than billing. Only a few cards still use this method of interest computing, but there are still some out there. Keep your eyes peeled!

Credit Counseling Services:
Nonprofit debt management programs can be very helpful when you have over $2,000 in credit card debt. Consolidated Credit Counseling Services, Inc. (featured offer), a nationally recognized non-profit organization, offers a free debt analysis that only takes a few minutes to complete. Such programs negotiate with credit card companies and often can lower credit card interest rates by 50% or more! Furthermore, participation in such programs helps safeguard against bankruptcy.