Credit Cards - Be Aware

  • Applying for a credit card (or any other type of credit for that matter) can lower your credit rating (FICO score).
  • Applying and getting turned down for a credit card will hurt your credit rating.
  • Making the minimum payment each month and you will end up paying 3+ times for goods you purchased. Ask yourself, would you pay $450.00 for an iPod? $30.00 for a CD?.
  • Do not use your credit card to get cash advances. Your interest rate for this goes way up, sometimes as high as 24%!!! Read the fine print on your statement.
  • If you exceed your credit limit there will be penalties and they are steep.

A terrific and sobering documentary was made pertaining to consumer debt. It is called Maxed Out.

More information on Credit Card Debt

Maxedoutgen is a good blog and resource for information on consumer debt.

 

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Personal Finance The Joy of Simple Living by Jeff Davidson

The Total Money Makeover by Dave Ramsey Yes, You Can Achieve Financial Independence by James Stowers

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