Pay off Your Credit Card
Did you know that carrying a credit card balance is costing you money each month, and may be hurting you credit score as well.
Save Money Each Month - On average, consumers who carry a balance owe $2,200, on which they pay 15.2 percent in annual interest charges. Eliminate that and you can save $28 per month on your household budget. Some 15 percent of consumers carry balances of $10,000 or more, according to Fair Isaac, the credit-scoring company; these folks can save at least $125 per month by paying off their debt. Not to mention you will raise your credit scores by having lower revolving debt!
How to Do It - Paying off your balance is easier said than done. The trick is to stop charging. Then pay more than the minimum required each month until it's paid off. Dig up cash for this from your U.S. Treasury stimulus check, garage sales, IRS refund, or extra work part-time.
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what is a good level to keep my card at to get the best credit rating?
ReplyDeleteDear friend,
ReplyDeleteKeep your credit card balance under 30% of the cards limit (example: $1000.00 limit, keep balance under $300.00) to keep your credit scores high. To keep from paying interest payments to the bank pay off the balance every billing cycle.