The Credit Card Game
Posted on November 3rd, 2008 | by admin |I just got our credit card bill and was shocked to see that they are charging $20 for a late payment. Okay, so I forgot to pay because we were busy but $20 for late payment of $50? Isn’t that a bit absurd? That’s almost twice the total amount to be paid. Well, it just shows that I’m not used to having late payment charges because we always pay on time. A lot of people I know only pay the minimum amount monthly. That’s fine but not if you continue using the card until you accumulate so much debt that it’s almost impossible to meet your monthly payments. Believe me; it could happen to anyone if you’re not careful.
The good news is that there’s now credit card debt consolidation that can significantly reduce your interest and overall payments. The fastest way according to the Franklin Debt Relief website is to negotiate the principal balance owed to 40 percent at least. With debt consolidation, you will have an option to put all your credit card debts in one loan and make one simple payment monthly. I read that credit card balance transfers can be as effective too especially if you move to a credit card with lower interest.
