Pay Credit Card
Paying by credit card has been a slogan of our consumer generation, but along with the convenience, Australians have had to pay credit card fees and interest charges in the millions.
Think about what causes you to be constantly bogged with credit card fees and interest. Almost every card offers a 55 day interest free period where no additional costs are charged for your purchases, so why are you still stuck with high interest?
Are your credit card purchases so frequent that they have become hard to keep track of? In this case it can be hard to time your payments as you don’t know when to balance your account.
A good tip here is to add up the amount of purchases you make in the month and try to settle it on a specific date every month, for instance the last Friday of the month. That way you can get an idea of your spending habits, and never run the risk of paying high interest.
If quantity over quality is your problem, then the logical solution is to simply cut down on unnecessary expenses. Are you watching too many advertisements, or spending too many hours a week wondering the shops? Perhaps you have your eyes set on a holiday, and need the frequent flyer miles? Whatever the excuse, pay off your debt now before it landslides you into defaulting and destroys your credit record.
So your credit card balance is higher than you ever imagined, and you are looking at the prospect of paying high interest for months. If you think you have learned the lesson of credit spending, then a good solution may be a balance transfer credit card.
This allows you to switch your credit card debt over to a new company, which will lower your interest rate dramatically for the introductory period. But if you don’t use this reprieve effectively, you will be back to square one with a huge monthly bill again.
Paying with a credit card makes transactions quick and convenient, but don’t forget that it comes with the price of paying off a credit card too. Compare low interest cards online to save yourself hundreds down the line.