Credit cards
Do you have a credit card(s)? Are you planning to get one? Credit cards are very easy to get these days but not very easy to manage. You should remember that the interest that you pay on a general credit card balance is more then a normal home loan rate.
Credit cards generally give you up to 55 days interest free to payoff your purchase costs, some credit cards do not have any annual fees. Credit cards can be a very good tool if you can payoff the balance each month before the due date and only keep the balance going in a rare emergency.
If used properly credit cards can be a great convenience and can also help you save a lot of transaction costs which a lot of banks charge on normal savings accounts. Some credit cards give additional facilities such as purchase warranties, free gas, airline miles etc.
If you are getting behind payments cut back on your recreational costs, call the credit card company and work out a payment schedule. Your priority should be to payoff this bad debt as soon as possible.
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