Watch out! The new bill does not go into effect till February 2010 so the CC companies are now sending out surprises to customers - higher interest and other fees so check your statements carefully.
Interesting article and comments.
New Credit Card Fees
Advice: Use sparingly or not at all and if you do use them, pay them off every month to avoid the higher ridiculous interest rates and fees.
If you are making a minimum payment, try to increase it so more principal gets paid off lowering the interest you pay.
Don't cancel your paid off accounts as it will have a negative effect on your FICO score (lowering your score and making you look like a bad risk) -- just cut them up and throw them out. That way you don't use them at all.
No comments:
Post a Comment