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Americans are using credit cards more than anytime in history, and credit card businesses are reaping record profits. One of the reasons that the charge card industry is so profitable is that so a lot of us use our credit cards unwisely. If you've good credit, you can get credit cards with a reasonable interest rate; say 10% approximately. You can keep that rate by paying your bill promptly. On the other hand, if you pay your bills late or neglect to pay in full, then you will need to pay late fees and interest. Past due fees often range between $15 as well as $29; some card issuers may charge much more. Adding to the pain of having to pay late fees, however, is the likely change in rates of interest on your card if you spend late. A late payment may trigger a considerable increase in the interest rate in your card, and that "reasonable" interest rate associated with 10% may suddenly rise to 20% as well as 25%! It's hard to pay off your credit card balance if you have late fees and 25% interest, which means this is something you definitely want to prevent. If you usually pay on period, and you pay late once and therefore are charged a late fee, ask your credit company when they will waive the fee. They will frequently do it - once. Some won't do it at all, but it is usually worth taking the time to request. If they are unwilling to assist you to, then you may be better off looking around for a better credit card offer elsewhere. You can often save money by transferring balance to a lower interest credit greeting card, if you have one. Competition has been fierce over the last few years among credit card businesses, and it is fairly common to get "promotional" rates of less than 5% should you transfer your balance to another greeting card. Be sure to read the small print, however. Those low rates usually apply and then transferred balances, and not to new charges positioned on the card. There is usually a time limit linked to the promotional rate, and higher rates may apply at the conclusion of the time limit, perhaps actually retroactively! In summary, if you wish to minimize your credit card costs, try the next: Shop around for a credit card having a low interest rate. Pay your bills promptly. A good way to do this really is to pay online. That way, you will not have to worry about your check being delayed within the mail. Transfer balances from high rate of interest cards to cards with lower prices. Use your cards wisely. If you are able to pay cash, do it. A few simple steps can help you save a fortune in interest charges as well as late fees.






? Copyright 2005 through Retro Marketing. Charles Essmeier is who owns Retro Marketing, a firm devoted in order to informational Websites, including End-Your-Debt. com, a website devoted to debt consolidation as well as credit counseling, and HomeEquityHelp. net, a website devoted to information regarding home collateral loans.

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