Credit card debt is one of those things that can easily sneak up on you. This can especially be the case when you have high-interest credit cards in your wallet. Luckily, there’s a strategy you can use to get your credit card debt back under control and save money at the same time called a balance transfer.
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It’s easy to fall for tempting credit cards offering exciting reward options. People are lured to them all the time. Unfortunately, when they do, they often get locked into exceedingly high-interest rates.
We want you to have a better understanding of credit card rates. Then you can make informed decisions about whether or not a credit card offer is simply “too good to be true” based on the interest rates you’ll pay to earn these rewards.
Q: I’d love to improve my credit score, but I can’t get ahead of my monthly payments. I also find that my spending gets out of control when I’m paying with plastic. How do I use my credit cards responsibly?
A: Using your credit cards responsibly is a great way to boost your credit score and your financial wellness. Unfortunately, though, credit card issuers make it challenging to stay ahead of monthly payments and easy to fall into debt with credit card purchases. No worries, though; Freedom First is here to help!
Here’s all you need to know about responsible credit card usage.
Are you getting the most out of your credit card? We listened to our members and added new rewards you can earn in the first three months and beyond. We also have nationally competitive rates that rival many banks* — right here in your community.
Are you getting the most out of your Business credit card? We listened to our members and added new rewards you can earn in the first three months and beyond. We also have nationally competitive rates that rival many banks* — right here in your community.
Did you know the average American household carries $6,358 in credit card debt?
If that doesn’t sound too alarming, consider this: A debt of $5,000 with an interest rate of 24.99% (which is the current rate of a typical Capital One or Citibank card), where only the minimum payment is made each month and no additional charges are made to the card, accumulates $4,823 in interest over five years. That means the cardholder would be paying nearly double the amount that was originally spent!