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Three strategies for dealing with credit card debt - Bills.com News
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Three strategies for dealing with credit card debt
Thursday, Aug 20, 2009
Ray Martin, a financial adviser with CBS News, said there are a number of rules American consumers can follow to compliment the measures taken by the government.
1. First of all, consumers need to make sure they pay their bills on time.
Doing so willensure they won't be stuck with late fees or see a hike on their credit card debt interest. When paying off their credit card debts, consumers need to make sure they pay more than the minimum.
"It's really the only way you'll make any headway in paying off your debt," the CBS News report stated.
2. Consumers also need to make sure to avoid taking cash advances on their cards. Cash advances on cards usually come with very high interest rates and can put consumers further into credit card debt.
3. Finally,
consumers need to read their statements carefully so they can keep up with changes card companies may make to their accounts.
Coming provisions in the Credit Card Accountability, Responsibility and Disclosure Act should make it that much easier for consumers to understand their statements. Once February rolls around, card companies will have to make statements more clear, which would include telling cardholders how long it would take them to pay off their credit card debt if they only paid the minimum.
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Coming provisions in the Credit Card Accountability, Responsibility and Disclosure Act should make it that much easier for consumers to understand their statements. Once February rolls around, card companies will have to make statements more clear, which would include telling cardholders how long it would take them to pay off their credit card debt if they only paid the minimum.
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