United Church of God, ia
Portland and Hood River Oregon

Preaching the Gospel, Preparing a People

Tips for Managing Credit Cards

If you carry a balance and have credit cars with high interest rates, you would be wise to look for a card with a lower rate and transfer your balances. Some cards will give extremely low rates for up to six months to attract new customers. You may wish to transfer you balances several times if necessary until you have your balance paid off.

If you are struggling to pay off credit-card debt, consider selling items you no longer need or replacing expensive luxury items (such as a fancy vehicle) with less-expensive ones. Use the cash raised to pay off credit-card balances. When your finances improve and you have cash in the bank, you can then purchase another luxury item if you think it's a wise choice.

If you must finance a large-ticket item, consider obtaining a home equity loan on your house instead. You'll likely find the interest rate to be much lower.

If you choose to use credit cards, select cards that give you a cash rebate (sometimes up to 2 percent) on your annual purchases.

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