Wednesday, June 13, 2018

Fed Rate Hick Will Increase Your Credit Card Payment-How to Reduce

The U.S. Central Reserve Bank is expected to raise interest rates by .25% in the next month. According to the June Credit Card Report there will be an increased $10 billion in credit care balances and $2.2 billion in interest payments. This means that carrying debt will be more costly to you soon. There are ways to get a handle on this before it gets out of control.

We spend entirely too much on credit cards, save too little, and invest almost nothing. At least that is the way it is for some people. To get a handle on your credit card debt means finding new patterns of spending.

-Stop spending except on things you need.
-Opt for a debit cards or cash.
-Cut out a few expensive activities and apply to your balance monthly.
-Put together a budget and designate a percentage you can use toward paying your balance.
-Use savings to pay off your balance and save the interest rate.
-Use your credit card for emergencies.
-Sell items you don't need or are cluttering your garage and you don't use to apply to the balance.
-Get a second job.

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