Not understanding the mechanic of the card similar to buying a power tool with no idea how to use it
Philadelphia, PA (PRWEB) March 15, 2015
National Debt Relief recently shared some of the worst credit card mistakes that consumers are guilty of in an article published March 3, 2015. The article titled “The 8 Very Worst Mistakes You Can Make With Credit Cards” enumerates some of the worst and fairly common mistakes people commit when getting or using their plastic credit.
The article starts off by explaining how consumers and credit cards have developed a love and hate relationship. Even though they are just little pieces of plastic with the holder’s name and a number on the front and back and a magnetic strip, it still plays a big part in financial planning. Credit cards can be real friends when used correctly or can be little devils when used otherwise.
One of the things that consumers are guilty of is that a lot of them are holding on to too much credit cards under their name. This makes monitoring and segregating expenses a little bit tougher. There is a case to be made that having three to five credit cards won’t be a problem but if consumers find that their balances are increasing, it’s a danger sign and they need to definitely not get another card
The article also shares that there are consumers who seems to misunderstand the introductory rates of the newer credit card lenders. They are oftentimes under the impression that these rates will stick until the end of time only to find out that after a couple of months, they are back to high interest rates.
This is connected with another credit card mistake people usually commit which is not reading the fine print. Not understanding the mechanic of the card similar to buying a power tool with no idea how to use it and chances are it will bring more harm than good. Consumers need to make reading the fine print a hobby to make sure that they are not caught off-guard by their lenders.
To read the full article, click this link: [http://www.nationaldebtrelief.com/the-8-very-worst-mistakes-you-can-make-with-credit-cards/