It’s almost Thanksgiving which usually means that although you have yet to thaw your turkey, retailers are gearing up for the holiday spending season. The following article gives some good tips on ways to avoid over-spending on credit cards this holiday season.
The tip I like the best is avoiding the temptation open a new line of credit at the register to get the 10-15% discount on your current purchase. Unless you can truly afford and plan to pay off this balance at the end of the month, you will wind up paying interest on the balance you carry into the New Year. In most instances, the interest rates on these cards are usually around 18%. Make sure you know the terms before you agree to get this extra credit. And here’s another good tip for you. If you apply at the register and they tell you that you have been declined, you should take a look at your credit. There’s probably a good reason you have been denied, such as high balances on other cards that are bringing your score down. If you find that you are carrying high balances on your credit cards, you should seek the assistance of an attorney skilled in negotiating down credit card debt. You might be able to get out from under your debts for less than the amount claimed as owed through a successful negotiation of your debts.