Kingwood, TX (PRWEB) September 4, 2005
Kingwood, TX Â Credit cards can be wonderful financial tools when used wisely. However, it's not the number of credit cards that count. It's which ones you have that can make a difference in your finances.
For example, check out these credit card statistics*:
-Approximately 78% of the nation's population qualifies for some type of credit.
-Total U.S. consumer credit debt has reached $1.7 trillion.
-Collectively, card holders paid over $50 billion in finance charges in just a one-year reporting period.
-And roughly 1.3 million card holders declared bankruptcy during a one-year period.
Why such large figures? Many point to details. Some credit cards have very low rates. But it's important to read the fine print about each particular card and look over the terms.
-What is the APR (Annual Percentage Rate)?
-Does the card have an annual fee?
-The first year ÂteaserÂ interest may be low. What happens later?
-What types of charges are there for late payments? Phone payments? Cash advances?
-What is the minimum finance charge?
-Does the card require a deposit? (Is it secured or unsecured)
At a time where instant approval credit cards can be plentiful, it is understandable that many rush to sign up for introductory low interest rates, gift cards and other special offers. Credit cards Â and gifts Â almost instantly. Gratification.
The kicker is the Âfine print.Â Results? Financial quicksand. People sinking in a sea of debt because of high fees, high interest rates and other added on charges.
What can you do? Take charge with a new credit card tool that counts, ÂBank Credit Card List.Â
ÂBank Credit Card ListÂ Tool
To make sure your best interests are at heart, here's a sampling of what ÂBank Credit Card ListÂ at http://www.bankcreditcardlist.com has to offer:
Website visitors can check out different types and financial issuers of several of the most popular credit cards. They can also take a glance at Featured Cards for a nutshell overview of preferred credit card offers on the market today.
A click on the Resources area presents a variety of industry specific articles for learning more about credit cards. And clicks on feature-specific categories focus on benefits and options offered for credit card; Airline miles, Balance Transfer, Business, Cash Rebate, Debit, Low Interest Cards, Prepaid, Rewards, Student, (Overcome) Bad Credit, No Annual Fee.
At a time when the average person carries eight cards, has a balance of $8,400 in credit card debt and has twenty percent of their cards maxed out, it's time to take charge with a new credit card tool.
So do the math. Determine which features you need in a card. And calculate which card offers the best value for your needs.
Considering that the average household pays their lender $1,000 a year in finance charges**, why not put those money to better use? Learn more; use your funds more wisely. Do a little research and find the card that is right for you. For more information, visit http://www.thebankcreditcardlist.com
Reported at ÂIndustry SecretsÂ of The Motley Fool Credit Center, fool.com/ccc/secrets/secrets.htm
** Reported by CardWeb.com in Our Credit Crunch, By Dayana Yochim (TMF School)(Fool.com)