Listen up family! Many of us have been here long enough to know that credit cards are only good if used in a manner that would help you defer a payment that you intend to pay in full when it’s due. If you can’t pay for the amount you charged in full, you better not charge it. If you can’t afford to pay for it in cash – you can’t afford to pay for it with a credit card.
The interest rates for credit cards these days have become so ridiculous that I always shop for the the card with the best rate to offer and most important thing, always use no annual fee credit cards only. I don’t care what they say but if a credit card charges you an annual fee to use their card, they are out of their minds. There are plenty of credit cards out there that can offer a low-interest rate and no annual fee. Why settle for one that would charge you over 25% in interest and an annual fee on top of that? That is such a real trap.
If you have any cards that charge annual fees – get rid of them now. Call the card issuer and cancel the card. Don’t worry – there are plenty of offers that will come your way. With the economy as bad as it is today, we need not pay any more extra fees than we normally have to. Let’s clean house and do your annual financial status review.