8:41 pm - Thursday February 23, 2017

Money Saving Tips For Multiple Credit Card Owners


Some find it hard to dispose their extra credit cards. Well sometimes, they just keep on coming anyway. But one should know that owning just one card is practically enough for most consumers. But what will you do if you have more than one? How will you get rid of those that you don’t need anymore?

Credit Cards

Credit Cards (Photo credit: 401(K) 2013)

Owning multiple cards is often synonymous to piling up more debt. And this situation is very stressful especially for those who can’t control their compulsion to use them all, the worst if they have maxed out all of their credit limits.  If this is the case, it will be much harder for them to cancel their card obligations.

Hence, it is important that you try your best to keep up with repaying your cards with more than the minimum amount of payment required. For you to have a clearer picture of your financial situation, you must ask your card issuer about the length of time it will take for you to complete your card payments given that you will just pay the minimum amount. Do this step, most especially if your bill isn’t showing this info.

Another handy tip in managing multiple card obligations is to follow two smart moves. First is by paying the biggest share for the card having the highest interest rate. This will make you save a lot of money since you’re targeting on paying off the card that will eventually cost you the most. The other approach is to pay off the credit card with the smallest debt as fast as possible. If you do this, you’ll close off your obligations with this card sooner and will give you more time to focus on paying for the remaining card debt.

After completely paying off your debt in one card, contact your card issuer to have it closed as soon as possible. This is because some companies often continue imposing charges on your card even if it is not being used. Do this step for your other cards. And finally, take the initiative to request for lowering the credit limit of your remaining card. This is to prevent you from being tempted again on buying impulsively.

To find out more about credit cards online and potential ways to save visit websites such as Infochoice.

 

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