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Are You New To Credit Cards

Author : Ask Bill

Are you new to credit cards? Are you wondering if it is a bane or a boon? You need to know some basic facts before getting one. Credit card is a card issued by banks or other consumer stores that can be used to purchase goods and services on credit up to a specified limit, with an interest rate and time period. There are several types of credit cards available to choose from. You may start the search by choosing the type of card that meets your requirements. The different categories of it include business, balance transfer, rewards, student, poor credit and charge. There are many providers of cards like American Express, Capital One, Discover, Citibank, etc.

When you are done choosing the card, try and get the full details of the card. A small research on the details may help you before you apply for the card, such as
● Knowing the interest rates, APR, credit limits, interest-free days, penalties, grace periods, schemes for cash advances and balance transfers.
● If there is any annual fee charged.
● How the interest rate is charged for product purchase.
● Preconditions for applying- Whether details of your social security number, address proof, date of birth and credit score are necessary.
● Expected time duration for approval. Once you get the necessary details you may apply for a credit card through phone, online or paper application.

Once you start using your credit cards, be very careful about your payments. Your late payments may pull you over to credit card debt. Debt accumulates and increases through the interest and penalties, when you do not make the monthly payments for the money you have spent through the card. Beware, your late payment may also be reported to the credit rating agencies. You may tend to spend more when using credit cards but paying the bills on time may help you keep away from debt. If you can avoid swiping a credit card up on a counter register, you can actually save money.
If your credit card debt seems serious, you may look out for credit card relief options. You can get out of debt with self help methods or by working with a reputable debt relief company that may offer many debt solutions including debt consolidation, credit counseling and debt settlement, debt management programs to help you prioritize your debts, make monthly payments and ultimately get you debt free. The relief process may involve the steps of,
● Figuring out the cash flowing to monthly payments.
● Budgeting and reviewing your expenses.
● Prioritizing your needs. Deciding what you may opt for, whether it is saving money or getting low interest rates or maintaining credit score.
● Deciding whether you need an external debt help, as counseling.
You can do the analysis and fix your debts all by yourself or you may seek the help from debt relief service providers. By speaking with debt relief consultants, you could find a solution to your debt problems. They may be able to find you a debt relief solution that could save you more money. Credit card debt help may be the first step in gaining financial independence and relief from credit card debt though that can be overwhelming.

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Tags:   credit cards, credit card debt, credit card relief

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Submitted : 2010-10-13    Word Count : 533    Times Viewed: 454