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Should i pay off my credit card


should i pay off my credit card

With the "snowball" method, you focus on paying off the debt on your low-balance cards first, while paying the minimum on the other cards. Then. The snowball method suggests that when you're paying off multiple credit cards, it's best to pay off the card with the smallest balance first before moving on. 7 Ways by You Can Pay Off your Credit Card Debts · Make a note of all the debts to be paid · Prioritizing · Paying the card bill with the least balance · Getting a.
should i pay off my credit card
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Losing your spouse is a painful, confusing time, but add to that repeated calls from an aggressive debt collector, and a bad situation suddenly can get even worse. Before you cave into the pressure, take a moment to catch your breath and learn the facts about your rights and responsibilities. You may be off the hook as some debts — including even certain types of credit card charges — are forgiven at death. However, others linger much longer.

First off, you should know that you are generally not personally responsible for paying off your husband's debts, as any loans would normally be paid off by his estate. This includes credit card debt, student loans, car loans, mortgages and business loans.

According to Marc Zimmerman, trust and estate planning attorney with the Law Offices of Michael A. Zimmerman, "When your husband dies owing a debt, the debt does not go away. Generally, the estate is liable for paying any outstanding debts, and, the named personal representative, executor or administrator will pay debts owed from the money in the estate, not from their own money or that of the surviving spouse. However, if the surviving spouse inherits certain assets from the deceased spouse through beneficiary designations or joint account ownership, and the estate assets are insufficient to satisfy the creditor claims, the creditors could attempt to make claims against those assets that pass directly to the surviving spouse outside of the probate estate.”

That being said, you may be responsible for certain types of debts. For example, if the debt is jointly owned or you have co-signed a loan, you are obligated to continue to pay this debt. This occurs most often with credit cards, car loans or mortgages. Some states also require you to pay off any medical bills that your spouse incurred before their death.

The State You Live in Can Make a Big Difference

It is essential to understand the laws of your state so that you know where you stand concerning all debts, as some community property states hold you responsible for the debt even if it is not in your name. Community property laws make both spouses equally liable for debts incurred after the marriage has taken place.

There are currently nine community-property states:

  • Arizona

  • California

  • Idaho

  • Louisiana

  • Nevada

  • New Mexico

  • Texas

  • Washington

  • Wisconsin

A Word about Credit Cards

It is important to note that there is a distinction between joint account holders and authorized users with credit card debts. As a joint account holder, you would need to continue to pay off the credit card (no matter what state you live in) because you and your spouse are both considered owners of the account. That means you share equally in the ownership of any charges that are on the card.

On the other hand, authorized user status means that you have charging my first premier credit card login in on your spouse’s card, but you are not considered an account owner. So, if your spouse were to pass away, you wouldn’t be responsible for paying the debt they incurred as an authorized user. The exception would be if you lived in a community-property state, which requires the surviving spouse to pay off all debts, including those in just her husband's name.

Does Not Paying His Debt Impact My Credit Score?

Generally, your credit score would not be hurt by any of your spouse’s outstanding loans that you are not required to repay. According to Davon Barrett, who is southern first bank login CERTIFIED FINANCIAL PLANNER™ professional specializing in working with widows at Francis Financial, "If the debt is solely in the name of your husband, the debt collector should not report any late or non-payment to the credit bureaus in your name." The exceptions to this will be if you are a joint account owner, co-signer or reside in one of the nine community-property states listed above.

Barrett cautions widows, "Some debt collectors are inappropriately aggressive. For example, if the debt collector insists that you are responsible for the account balance, but you believe you are not, you may request that the collector provide evidence."

Talking to an estate-planning attorney can help you understand under which circumstances you have an obligation to pay and when you do not. Zimmerman shares that “the best way to find an experienced estate planning attorney is to get a referral from another attorney, financial adviser or accountant whom you know. This professional should be able to should i pay off my credit card you to an excellent trust and estate planning attorney who specializes in this area of the law.”

Plan appropriately and include this in your financial plan. Consider talking to a financial adviser about how debt might affect your overall financial plan and goals. If you don’t have a financial adviser what is the routing number for first interstate bank, finding one is not difficult. Reach out to your friends and family for a referral to a fee-only, fiduciary, independent financial adviser.

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Источник: https://finance.yahoo.com/news/am-responsible-paying-off-deceased-093006243.html

What to do if you can't pay your credit card bill on time

It’s that time of the month again — when your credit card bill, with that minimum payment due bolded and circled, shows up in your mailbox.

According to a new survey by WalletHub, 16 percent of Americans (roughly 40 million people) anticipate they’ll be missing at least one credit card payment this year. It’s a seemingly miniscule problem that, as NBC News BETTER has previously explored, can reap dire consequences.

“If you cannot make the minimum payments on time, it creates a tough situation,” says Ted Rossman, industry analyst at CreditCards.com.

Late payments can result not only in penalty fees, but also a spike in your APR (annual percentage rate or how much the bank collects in interest) and cause potential damage to your hard-earned credit score.

If you can’t make your payment this month, we’ve compiled a list of helpful tips of things you can do to lessen the blow or avoid repercussions altogether.

Call the company — they’ll likely negotiate with you

If you’re a loyal customer with a history of timely payments, your credit card company is likely to work with you on a single late payment.

“Believe it or not, asking for a fee waiver with a bank or credit card company is very straightforward,” says Logan Allec, a CPA and owner of the personal finance blog, “Money Done Right”. “It's really not that scary, and credit card companies deal with these kinds of inquiries all the time, so don't be ashamed.”

But do be prepared. Lenders are more willing to negotiate with you if you provide a specific timeline of when you will be able to pay.

“Don't just say, ‘Um, can you waive my late fee?” says Allec. “Instead, gather your facts, and on the call say something like, ‘I'm sorry, but I won't be able to make my minimum payment by the due date on my bill; however, I fully intend to get my account current as soon as possible — in fact, I have a check coming in next Wednesday. I will immediately deposit it and once it clears, hopefully by next Friday, I will get my account current. If I am able to do this, could I please have the late fee waived?’"

Though there’s no guarantee that the lender will give you a pass, the odds are in your favor (again, provided you’re historically a good customer who has never or very rarely been late on payments). In fact, WalletHub’s survey found that 9 of 10 people who tried to get a late fee waived were successful.

“Chances are they'll work with you — within reason — if you slip up once,” says Rossman.

Allec adds to be sure to call ahead of your payment due date for the best chance at success.

Related

Know that there’s no grace period after the due date

One common misconception around credit cards, says Rossman, is that you have a 21-day grace period to make a payment on a statement balance, interpreted as having three weeks post due-date to pay without penalty.

This is not the should i pay off my credit card credit card's grace period is the time between the date when your billing cycle ends and the date that you must make a minimum payment on your card,” says Allec.

So, the 21-day grace period is more like a head’s up. You have 21 days after your statement is received to pay the bill. There’s no leeway regarding the actual due date.

“With credit cards, there is no grace period [for late payments],” says Leslie Tayne, Esq., founder and head attorney at Tayne Law Group P.C., a debt resolutions law firm. “You’d need to check with other bills to see the due date and the date in which a late fee will be charged and then when it’s reported late on your credit report.”

It could be smarter to pay the credit card bill than your utility bill (in extreme cases)

Though skipping a household utility bill is never recommended, in very tough times there is a sound argument to choose to pay the credit card bill over the electric.

“In some cases, it can be smarter to pay your credit card rather than your electric bill,” says Allec. “One reason for this is because credit card late fees and interest rates are typically far more draconian than those charged by utility companies. [Additionally], utility companies are typically governed by state laws that [generally] prevent them from simply turning off your lights for missing a single payment. In some states, utility companies are obligated to reach out to you several times after you've missed your payment to set up a payment plan and must give you a certain amount of time to get your account current, so be sure to research the laws in your state and know your rights.”

You should also look into programs that can help offset utility costs.

“There are services that may be able to help you with utility payments and you should explore those options,” says Arielle O'Shea, personal finance expert at NerdWallet. “The Low Income Home Energy Assistance Program is a good place to start.”

Consolidate all debt on one balance transfer card

If you know you have debt on several cards, consider consolidating it onto one — especially if you’re in “between $1k and $5k of debt”, says Rossman.

“Consolidating your credit card debt on a 0% balance transfer card can help by putting a pause on interest during the introductory period, which is often 12 to 18 months,” says O’Shea. “Balance-transfer offers typically require good or excellent credit, and if you don’t pay off the balance during the introductory period, interest will start accruing again at the card’s standard interest rate.”

You’ll want to do some research in choosing a balance transfer card, as many will charge you a percentage fee based on the balance you’re moving, which can be avoided.

“Users can be hit with a percentage fee on the amount being transferred,” says Rossman. I like Chase Slate, Amex EveryDay and the BankAmericard because they don’t charge a transfer fee [within the first 60 days of transferring]. Be sure to open the card with the intent of transferring a balance right away.”

Also, when doing your homework on these cards, don’t concern yourself with perks like cash rewards or travel points.

“These cards are about eliminating debt and lowering your interest rate,” says Rossman. “That can save you thousands of dollars.”

Consolidate into a personal loan

“Another option is to consolidate into a personal loan, which might offer a lower long-term interest rate and fixed monthly payments,” says O’Shea. “Credit unions are often the best source of low-interest rate personal loans, especially if you don’t have an excellent credit score.”

Such loans are optimal if you owe at least $5k, says Rossman.

To get started with this, you should talk with a nonprofit credit counselor to work out a debt management plan.

“These agencies will help you in a few ways: consolidating one monthly payment, negotiating with your creditors, and they can get rates similar to a personal loan,” says Rossman. “The National Foundation for Credit Counseling is a good umbrella organization that a lot of these non-profit counselors are members of. Money Management International is also a good organization with offices all over the country.”

Working with a nonprofit credit counselor is not free, but it’s also a fairly nominal expense when you consider how much they can save you in the long run (in both money and time).

“Money Management International typically charges a one-time $50 set-up fee for its debt management plans, and its average monthly fee is $25,” says Rossman.

Choose debt management over debt settlement services

Though the terminology is similar, debt management and debt settlement are not synonymous. If you want to lower your credit card burdens without hurting your credit score (and are not in risk of bankruptcy), you should go with a debt management plan.

“Many debt settlement services advertise with things like ‘pay pennies to the dollar,’” notes Rossman. “It sounds too good to be true, and it is, because it can trash your credit. A debt management plan from a reputable nonprofit credit counselor can be a great thing, though. It will help your credit as you steadily pay debt down.”

Remember though, whichever path you take to avoid or deal with late payments (or overwhelming debt in general), none of these options will really work for the long haul if you don’t put in the effort.

“Keep in mind that should i pay off my credit card need to create a budget for paying off [any] consolidated debt, and a plan for not falling back into debt once you’ve paid it off,” says O’Shea.

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Источник: https://www.nbcnews.com/better/lifestyle/what-do-if-you-can-t-pay-your-credit-card-ncna974076

6 Major Credit Card Mistakes

Credit cards can be a boon to consumers, providing many advantages and benefits. Because they're such a great alternative to cash, they're great if you need to make purchases when you find yourself in a pinch. Some cards offer perks like rewards like cash back or travel miles, while others give you some added protection for your purchases. If you play your cards right and pay your balances off each month, you'll never have to pay a dime in interest. Plus, being a conscientious credit card user can help boost your credit rating. However, these little pieces of plastic can also be a curse, especially if you're already swimming in debt or just don't know how to keep a handle on your finances.

Thousands of consumers have trouble getting their credit card balances under control. If you're among these consumers, don't should i pay off my credit card. You'll make your debt more manageable once you choose to change your spending habits. Take a giant step in this direction by avoiding—or stop doing—these six major credit card mistakes.

Key Takeaways

  • There are a series of common mistakes people make when they use their credit cards which can cause huge problems with their finances.
  • Making minimum payments only and using cards for everyday purchases are two of the most common mistakes.
  • The benefits of rewards can be small, while cash advances can be costly.
  • Never pay your medical bills with your credit card and be sure you never ignore your debt.

Only Paying the Minimum Balance

It's tempting to send in minimum monthly payments—often $15 to $25—when you're under financial duress. Don't do it. High-interest rates charged by credit card companies will keep the bill growing every month. Instead, send the highest payment you can afford and reduce spending in other areas to focus on paying off the debt. It might be worth going without extras like the newest smartphone or latest fashion if it means you'll sleep easier at night, knowing you'll soon be debt free. 

It how can i check my chase credit card application status not feel like you're saving money when you increase credit card payments, but you are. Depending on the interest rate, you'll save an average of 10% to 29% per year in interest on any balance you pay off. For example, if you pay off an extra $1,000 this year, you'll come out $160 to $290 ahead, depending on the rate.

Money is probably already tight if you're already in debt, so freeing up extra cash will give you some breathing room for the long haul. Whether you use this money to accelerate debt payments, start an emergency fund or invest in retirement. The power of compound interest will start working in your favor instead of against you.

Using a Credit Card for Everyday Items

Another trap people often fall into is using their credit cards for regular, everyday purchases. Unless you follow a monthly budget and can easily pay your credit card balance in full each month, charging non-discretionary expenses on a credit card can be dangerous. By keeping common purchases like groceries and utility bills off of your credit card balance, you'll take a major step in getting spending under control.

Consider that a $3 gallon of milk bought with a credit card will eventually turn into a $30 gallon if you don't pay off the balance at the end of each month. There's no reason to incur interest charges on necessary items that you should buy directly with monthly income with cash, check or debit card.

Chasing Credit Card Rewards

Credit card rewards are usually worth far less than the extra interest you'll accrue if you can't pay off the money you spend to earn those bonuses. You may, for example, receive one point for each dollar you spend, but you'll probably need to redeem 5,000 points to get a $100 discount on a plane ticket. Since the interest charged on outstanding account balances often exceeds the typical 2% bonus, it may not be a worthwhile trade-off.

You should also avoid signing up for multiple credit cards, regardless of bonuses. If you already know you don't manage credit cards well, don't add temptation in the form of additional cards. It's also easier to miss a payment deadline when you have more cards than you can manage. Remember, a few late fees or interest payments will quickly obliterate those sign-up gifts or rewards. 

You can use your cards more frequently once you have your debt paid off and know how to avoid new debt. As long as you pay your balance in full and on time each month, there is nothing wrong with using credit cards instead of carrying discover online banking bonus to take advantage of rewards like cash back or frequent flier miles. Just make sure those purchases fit within your monthly budget.

Taking Cash Advances

Credit card companies employ tactics like sending checks in the mail, encouraging you to use them to pay bills or to treat yourself to something nice, but they rarely make it clear that these checks are treated just like cash advances. Taking a cash advance is dangerous because you start to accrue interest immediately, unlike regular credit card purchases. In addition, there's often no grace period and you'll be charged an automatic fee that can run as high as 4% on the amount of the advance. To add insult to injury, the credit card company may not consider the cash advance to be paid off until you've zeroed out the balance for your other purchases.

The best thing to do with these checks is to shred them as soon as you receive them, avoiding the temptation while preventing would-be identity thieves from snagging account numbers out of the trash. Many companies also send a personal identification number (PIN) shortly after you sign up for a card, hoping you'll use it to get cash from an ATM. Shred that paper, too.

Using a Credit Card to Pay Medical Bills

Medical bills can be overwhelmingly expensive, especially if you're uninsured. If you're having trouble paying your medical bills, negotiate an agreement with the hospital or other company to whom you owe money. Don't add to your bills and stress by adding exorbitant credit card interest rates onto them. You should also go through your medical bills a second or third time, making sure they are accurate and you understand all the charges. 

Ignoring Your Debt

Some folks get so stressed out or embarrassed by credit card debt they stop opening their bills and pretend there's no problem. It's obviously a bad approach because, while you're ignoring the bills, the ticking time bomb of interest rates is adding to the debt. In addition, if you miss a payment or two, the interest rate may shoot higher under the terms of the card agreement. 

You can call card companies if you feel overwhelmed and ask to renegotiate the terms of your agreement. You may be able to get the interest rate lowered, set up a payment plan, or get some of your debt forgiven. If your first call doesn't work, keep calling back because a different customer service representative may allow you to negotiate a better deal. 

Your credit card issuer may be willing to negotiate the terms of your agreement.

Ignoring debt can also lower your credit should i pay off my credit card spur debt collectors into action. With unsavory tactics often employed in this industry, you don't want to do anything that puts you on their radar.

Finally, don't service credit union branches near me embarrassment prevent you from taking action. You may assume that everyone else has their finances under control, but many other consumers face similar debt problems.

Other Mistakes to Avoid

The mistakes listed above are some of among those most frequently made by consumers. But there are others.

Late Payments

Don't make late payments. Doing so will damage your credit score and will also incur late payment charges on your account. Your credit cards will likely have a regular due date every month—say, the 15th of each month—and it rarely deviates. So it's important to know when your bill is due. If you have trouble remembering when your payment is due, try adding a reminder on your phone or computer, or circling the dates on a calendar that's easily accessible.

Maxing Out the Credit Card Credit Line

If you don't have the money to make payments, you shouldn't be using the credit card—and you shouldn't be maxing it out. Remember, credit cards also charge over-limit fees, so if you fall behind on your payments, the interest will kick you over your limit and you'll have to pay more in fees.

Not Understanding Terms of the Account Agreement

Best high interest savings account reddit and credit cards supply the terms and conditions of specific cards at the time the application is completed and when the card is issued. It's important to know what these terms and conditions are before you use the card. Doing so will help you have a better handle on what's expected of you from the credit card issuer, and it will also help you manage your spending habits better.

The Bottom Line

Cleaning up credit card debt takes time and self-control, but the steps outlined here aren't difficult to follow. Credit cards become helpful and convenient financial tools once you overcome debt and learn to use them sensibly and responsibly.  Avoiding these common mistakes can put you on the right path.

Источник: https://www.investopedia.com/articles/pf/07/credit-card-donts.asp

The Only 4 Times You Should Max Out Your Credit Card


By Lindsay Konsko 

Should I pay off my credit card all at once?

Dear Keeping Score,

I’ve gotten should i pay off my credit card hold of a large sum of money, enough for me to pay off credit card bills. What will benefit my credit score the best? Paying them all off, or continue to pay them off monthly? If continued to be paid off monthly, increase the amount I’m paying per month? Or stay paying it a little over minimum each month? Thank you for your time.

Dear “Flush with Cash,”

Congratulations on your windfall. I’m a little curious about how you ended up with a large balance on your cards that you just couldn’t pay off, but kudos to you for thinking about what will be best for your credit score.

Not everyone would be should i pay off my credit card astute. However, before you take any action I want you to take a deep breath and look at this windfall as a chance to improve your life, not just increase your score or lower your interest payments.

Check out all the answers from our credit card experts.

Ask Steve a question.

So, what should you do? Sure, you could just use your windfall to clear the balance off your cards. That would be great for your score and it would please your accountant, due to interest payment savings, but it might not be the best action you could take to balance your credit score with your life, financial and otherwise.

By paying your cards off you will immediately decrease your credit utilization down to zero and get access to 100% of your available credit. Since credit utilization counts for 30% of your FICO score and is second only to paying your bills on time, your score should see a fairly immediate jump.

But what happens next month or the months after that? I suggest that you take a look back at what caused you to end up with a balance so onerous that it took a “large sum of money” to dig you out. I also want you to consider what would happen next month if an unexpected large expense showed up. Would you be forced to carry a large balance again and have your score suffer after only a brief respite?

See related: How to increase your credit limit

Does carrying a balance help your credit score?

You may have heard that you should carry a small balance on your cards to help your score, but that is simply not true. The FICO algorithm will not punish you for not carrying a balance on your cards. Not having a balance or paying one off in full is just fine with the score.

However, along those same lines, if you simply bring your account balances down to about 20% or less you will see a credit score increase. You can then try to pay off the remaining balance over the next six to nine months. My concern is that without a plan to pay the cards off entirely, you may just keep a balance longer than you how to check bank account number bank of america to.

Consumers with excellent credit scores almost universally have credit utilization ratios in the single digits. So, keep that in mind. I would should i pay off my credit card suggest you continue to just pay a little more than the minimum should i pay off my credit card your cards. This is going to cost you more in interest payments and won’t have much of an immediate impact on your score.

See related: How to pay off credit card debt

Build up your emergency fund

The bigger question for you may be what happens after you pay down your cards. So, here’s what I suggest you do. See how much you will be able to reduce your balances using half of your windfall. If you can drive your balances down below 15% of your credit lines I’d stop there and use the other half to establish an emergency fund.

Without an emergency fund, the next big expense will put you back in the unwanted position of using your cards again to pay for it and then carrying a big balance from month to month. This is both expensive and bad for your score. At 15% or less, your balance won’t hurt your score and you’ll have cushion to handle emergencies.

I can’t stress strongly enough how important it is to begin to save for a rainy day or just some goals you want to achieve. Without savings you are constantly at the mercy of fate and you will not be financially secure or successful.

Tip: Using a credit card as an emergency fund can take a toll on your finances and your credit, especially if you’re forced to make a big purchase. You could incur costly interest charges and be stuck with a high credit utilization ratio until you’re able to pay it down.

I also want you to estimate your spending and your income so that you have a handle on what is coming in and what is going out each month. Build into that spending plan something for savings. I recommend starting with just a few dollars per pay period if that’s all you can do.

When another windfall shows up put half of it in savings and keep half out to reward yourself. This is money you don’t have now, so you won’t suffer at all if you save half.

This can be a bonus, tax refund or stimulus payment, a raise or inheritance. Whatever it is, save half. In no time you’ll have a big cushion and money to fund your goals, and you’ll look and feel like a financially secure and savvy person.

See related: 1 in 4 Americans using stimulus money to pay down debt

When should you pay your credit card bill?

As you know, on-time payments account for 35% of your FICO score. There are a number of theories about the best way to pay your credit card bill.

One of those is to make several payments throughout the month. Another is to immediately pay off large purchases. Both are certainly valid, but remember that however you decide to make your payments, the most important thing is to be sure those payments in full are received by the date they are due each and every time.

As a side note, the only real reason to be concerned about a large purchase is if you are planning to apply for new credit within a few months, since a very large purchase can affect your score quickly by increasing your credit utilization. In that case, paying off that purchase immediately might be the prudent thing to do. You will have the money available, right?

Remember to keep track of your score!

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Steve Bucci has been helping people decode and master personal finance issues for more than 20 years. He is the author of “Credit Management Kit For Dummies,” “Credit Repair Kit For Dummies,” “Barnes and Noble Debt Management,” co-author of “Managing Your Money All-In-One For Dummies” and “Debt Repair Kit For Dummies” (Australia). Steve is an experienced expert witness in identity theft, credit scoring, and bank repo cars for sale in houston cases. He has been a presenter at the FICO InterACT Global Conference, the Federal Reserve and the International Credit Symposium at Cambridge University in the UK.

Источник: https://www.creditcards.com/credit-card-news/pay-off-credit-card-all-at-once/

Financial literacy 101: save first or pay off debt?

Everyone needs an emergency fund. At the very least, earmark $100 monthly for emergencies before paying down high-interest debt.

An emergency fund lets you pull money from savings if needed. If all your extra money goes towards car payments, student loans, traditional mortgage payments, or other non-readvanceable debt, you can’t access that money for an emergency.

Note: this doesn’t apply to credit cards, lines of credit, home equity lines of credit, or readvanceable mortgages like Manulife One that allow you capital one logo transparent borrow, pay down, and reborrow again to a predetermined limit.

To make sure your emergency fund doesn’t quickly become a shopping account, it’s wise to name your account “Emergency Fund” in your online banking. Seeing that name will remind you of why you’re saving.

Choose an easily accessible account such as a high-interest TFSA for your emergency fund/savings, so your savings will grow tax-free.

Источник: https://www.manulifebank.ca/personal-banking/plan-and-learn/personal-finance/save-or-pay-off-debt.html

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Should You Pay Your Credit Card in FULL?

Should i pay off my credit card -

The Only 4 Times You Should Max Out Your Credit Card


By Lindsay Konsko 

How to make Apple Card payments

See how to make a payment, check your balance, and choose a payment source.

Check your Card Balance for Apple Card in the Wallet app 

Check your balance

To see your Card Balance, open the Wallet app on your iPhone and tap Apple Card.1 The Card Balance shows below your card. Card Balance includes all new spending and any remaining monthly balance. If you have Apple Card Monthly Installments, then your balance includes the newly billed monthly installment.

You can only pay off purchases after they clear, so Card Balance will continue to reflect pending transactions, even if you make a maximum payment.

Find your monthly balance

The monthly balance includes all of your spending in a calendar month (except for any pending transactions), interest charges, and credits posted to your account. It also includes any remaining balance from the previous month. If you have Apple Card Monthly Installments,2 your monthly balance includes your interest-free monthly installment. When you pay the monthly balance, it stops additional interest charges on your account.

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap to pay.
  3. Your monthly balance is automatically selected and you see a green checkmark.

If you already paid some of your monthly balance, your remaining monthly balance is shown. If you pay off your monthly balance each month by the due date, you aren't charged interest.

Find your minimum payment due

The minimum payment is the minimum amount you must pay towards your Apple Card balance to keep your account current.

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap to pay.
  3. Press and slide counterclockwise until the wheel turns red and stops.
  4. You see the minimum payment due.

When your minimum payment is due, Payment Due appears with the amount below your Apple Card. If you bought an iPhone, iPad, Mac, or other eligible Apple product with Apple Card Monthly Installments, your monthly installment is included in the minimum payment amount.

How to make payments

You can set up recurring scheduled payments or make a one-time payment in the Wallet app with just a few taps. If you don't have an eligible iPhone or iPad, you can make an Apple Card payment online at card.apple.com.

For Apple Card Family, account owners and co-owners are responsible for all payments on the shared Apple Card account. On a co-owned account, each co-owner can make payments on the account and can add a bank account. Before making or scheduling a payment on a shared Apple Card acocunt, co-owners should verify that the correct bank account is selected.3

Set up scheduled payments for Apple Card in the Wallet app 

Set up scheduled payments for Apple Card

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap the more button , tap Scheduled Payments, then tap Continue.
  3. Tap Pay My Bill to pay your previous monthly balance or tap Pay Different Amount to choose an amount. Then tap next:
    • If you chose Pay My Bill, select when you want your payment to be made, then tap Next.
    • If you chose Pay Different Amount, select your payment amount, when you want the payment to repeat, when you want the first payment to be made, then tap Next.
  4. Confirm with Face ID, Touch ID, or passcode.
  5. Tap Done.

If you want to change your scheduled payment, you need to first cancel your current scheduled payment. Just tap the more button , then tap your scheduled payment under Scheduled Payments. Tap Cancel Payments and tap Cancel Payments again to confirm your choice.

Make a one-time payment

Pay now

To make an immediate one-time payment, follow these steps:

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap to pay.
  3. Hold and slide the payment wheel to choose a payment amount.
  4. Tap Pay Now to instantly make your payment, then follow the instructions on your screen.

Pay later

Here's how to schedule a one-time payment:

  1. Open the Wallet app on your iPhone, tap Apple Card, then tap to pay.
  2. Hold and slide the payment wheel to choose a payment amount, then tap Pay Later.
  3. Choose the date you want to make the payment.4
  4. Tap Pay on [your chosen date], then follow the instructions on your screen.

Make additional payments on your Apple Card Monthly Installments

If you pay your minimum payment due each month, you're automatically paying your Apple Card Monthly Installment for that month. To make an additional payment or pay off your installment balance, you need to pay your Maximum Payment for all other Apple Card purchases before additional payments can be applied to your installment balance.

Learn how to pay extra towards your Apple Card Monthly Installments.

Apple Card Monthly Installments are interest-free and all other purchases you make with your Apple Card have a variable APR.2 When you pay toward your Apple Card balance first, you can reduce or eliminate interest charges.

If you pay more towards your installment balance, you might reduce the number of payments, but you're still required to pay your installment the next month.

If your iPhone or iPad is unavailable

If your iPhone is missing or stolen, you can call an Apple Card specialist to make a payment. You can also ask an Apple Card specialist to help you set up scheduled payments so you won't miss a payment.

If you added your Apple Card to another iPhone, you can make a payment or set up scheduled payments in the Wallet app on that iPhone. If you added your Apple Card to your iPad, you can go to Settings > Wallet & Apple Pay > Apple Card, then tap Make a Payment or set up Scheduled Payments.

 

Cancel a payment

On iOS 14 or later, you might be able to cancel a one-time payment that hasn't been processed yet:

  1. On your iPhone, open the Wallet app and tap Apple Card.
  2. Under Latest Transactions, tap the payment that you want to cancel.
  3. Tap the payment again, then tap Report an Issue.
  4. Choose an issue, then tap Cancel Payment.

If you don't see Cancel Payment, tap Contact Support to chat with an Apple Card specialist.

Choose or change a payment source

Add a bank account that you can use to make payments, or use Apple Cash to help pay off your Apple Card balance. The first time you choose to add a bank account, you're asked if you want to add the same bank account that you use with Apple Cash. If you select Yes, the bank account is automatically added.

Add a bank account

  1. Get your bank account number and bank routing number.
  2. Open the Wallet app on your iPhone and tap Apple Card.
  3. Tap the more button .
  4. Scroll down and tap Bank Accounts.
  5. Tap Add a Bank Account, then follow the instructions on your screen.

You can add multiple bank accounts to make payments. The first bank account you add will be your default bank account.

Delete a bank account

Before you delete a bank account, you must delete any payments that you set up using that bank account.

Then, open the Wallet app on your iPhone and follow these steps:

  1. Tap Apple Card.
  2. Tap the more button .
  3. Scroll down and tap Bank Accounts.
  4. Tap Edit.
  5. Tap the delete button .

Pay with Apple Cash or a different bank account

If you choose Pay Now, you can use your Apple Cash balance to make an immediate one-time payment. If the balance of your Apple Cash account is less than the amount of your payment, the remaining balance is paid from your default bank account.

You can also choose a different bank account to pay your Apple Card balance:

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap to pay.
  3. Choose a payment amount and tap the Pay Now button.
  4. Tap your bank account, then choose a different bank account.
  5. Tap the Back button and authenticate with Face ID, Touch ID, or your passcode to make a payment.

Choose whether to use Apple Card when you make an Apple Card payment

 

Turn payments with Apple Cash on or off

If you want to pay from only your bank account without using your Apple Cash balance, follow these steps:

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap to pay.
  3. Choose a payment amount and tap Pay Now.
  4. Tap your bank account, then turn Apple Cash on or off.
  5. Tap the Back button, then authenticate with Face ID, Touch ID, or passcode to make a payment.

See your payment history

To view your payment history, follow these steps:

  1. Open the Wallet app on your iPhone and tap Apple Card.
  2. Tap Card Balance.
  3. Scroll down and select the Statement you want to view.

Next to Payments and Credits you see the amount of Payments and Credits from the month you selected. If you want to download a PDF of the statement, tap Download PDF Statement. Payments and Credits includes payments you might have made, refunds on purchases you returned, and credits you might have received from a transaction dispute.

You can also view individual payments. Just open the Wallet app on your iPhone and tap Apple Card. Then scroll through Latest Transactions until you see a Payment transaction. To see the payment details, tap the transaction, then tap it again on the next screen.

  1. Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch.
  2. Variable APRs range from 10.99 percent to 21.99 percent based on creditworthiness. Rates as of April 1, 2020.
  3. Each co-owner is jointly and individually responsible for all balances on the co-owned Apple Card including amounts due on the existing co-owner’s account before the accounts are merged. Each co-owner will be reported to credit bureaus as an owner on the account. In addition, co-owners will have full visibility into all account activity and each co-owner is responsible for the other co-owner’s instructions or requests. Credit reporting includes positive and negative payment history, credit utilization and additional information. Card usage and payment history may impact each co-owner's credit score differently because each individual's credit history will include information that is unique to them. Addition of a new co-owner is subject to credit approval and general eligibility requirements. Learn more about Apple Card eligibility requirements. Either co-owner can close the account at any time which may negatively impact your credit and you will still be responsible for paying all balances on the account. Learn more about account sharing options, including some of the risks and benefits.
  4. You can only use your bank account to schedule a one-time payment.

Information about products not manufactured by Apple, or independent websites not controlled or tested by Apple, is provided without recommendation or endorsement. Apple assumes no responsibility with regard to the selection, performance, or use of third-party websites or products. Apple makes no representations regarding third-party website accuracy or reliability. Contact the vendor for additional information.

Published Date: 

Источник: https://support.apple.com/en-us/HT209226
An image of tiles, resembling squares on a board game. The first tile, shown in this image, is labeled

Key takeaways

  • No matter what other financial priorities you have, always be sure to make at least the minimum payments on all debt, on time.
  • Your next step should generally be to build up a cash buffer, so you have some wiggle room in your finances to help you meet unexpected expenses.
  • If possible, you should then try to capture the full amount of any employer match on retirement savings, so you don’t leave "free money" on the table.
  • Paying down any credit card debt and fully funding your emergency savings should generally be your next moves, before you move on to other investing or debt goals.

Student loans, credit cards, and mortgages—oh my. Like many people, you may have a variety of debt. And like many people, you may be working to pay off your balances while also trying to build up some savings for a rainy day (not to mention retirement).

Trying to juggle so many competing priorities can be stressful, particularly if you’re not sure how best to focus your attentions. So we put together this step-by-step guide to try to help you decide what to tackle first.

Although we may not be able to fund your 401(k) for you or kill your student loans, hopefully we can help take some of the confusion out of the process as you work toward your goals.

Step 1: Make all your minimum payments

This could almost be "Step 0," because it should go without saying: Always make at least the minimum payment on all debts, on time. Keeping your debts in good standing is crucial to protecting your credit score. Plus, missed payments can lead to late fees and compounding interest charges, which can cause debts to quickly spiral out of control (and in extreme cases even lead to bankruptcy).

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Step 2: Build up a cash buffer

Bonus points

If you know for sure that you’re going to face certain qualified medical expenses, you could consider saving enough to cover those expenses in a health savings account (HSA), even before funding other priorities (if you have high-deductible health insurance and qualify for an HSA, that is). That’s because the significant tax savings you can reap with an HSA are almost akin to receiving a discount on those expenses.*

At the same time, don’t stress over this step if the prospect of forecasting your medical expenses makes your head spin. Doing what you can and keeping at it is more important than doing everything perfectly.

Once you're meeting your minimum obligations, it's time to build some reserves. We suggest you start by saving up an initial cash buffer of $1,000 or one month's rent, whichever is greater, to give you some breathing room in your day-to-day (fully funding your emergency savings will come later, after you've checked off a few other boxes).

That way, even if occasional bumps come up, you won't run the risk of missing bills because your checking account balance is too low.

Step 3: Capture the full employer match

Next, it's time to look around for any low-hanging financial fruit. That means trying to contribute enough to your 401(k) or other workplace retirement plan to capture the full amount of any matching dollars your employer provides.

Your employer's match is essentially "free money," so not taking advantage of it is a bit like leaving money on the table. (That said—look into whether your employer's contributions take time to vest, and think about whether you'll stay at your job long enough for them to fully vest before you start banking on that free money.)

The third

Step 4: Pay off any credit card debt

If you've been carrying balances on any credit cards, now is the time to start chipping away at them by paying more than your monthly minimums. Eliminating this debt is important so that you don't get stuck on a high-interest treadmill.

What if you're carrying a balance on more than one card? In that case, focus first on paying off your highest-rate card, followed by the second highest, and so on. (And once those cards are paid off, make sure to start paying your balance in full, every month.)

Step 5: Fully fund your emergency savings

Next up: Your rainy-day fund, aka your emergency savings. For this step, you should aim to save at least 3 to 6 months' worth of essential expenses, and keep those savings in cash so you could access them easily if you ever needed to.

Although it might feel like a lot to keep in cash, remember that this money is your safety net, protecting you from having to fall back on credit cards if a job loss, medical emergency, or other life curveball were to come up.

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Step 6: Weigh investing vs. paying down debt

The good news is, you now have many of your most pressing financial needs covered, so you can start moving down your priority list. That bad news is, this is where your decisions may start to get more complex.

If you still have debt—whether student loans, an auto loan, or a home equity or mortgage loan—try comparing the interest rate on your debt to our 6% rule of thumb. That can help you decide whether your next priority should be paying more than the minimum on remaining debts, or investing additional (unmatched) dollars toward retirement. (If you do have student loans or a mortgage, also make sure you're taking advantage of any tax deductions you're eligible for on the interest you pay.)

Ultimately, you should aim to save 15% of your pretax income toward retirement each year (this includes any employer matching contributions). Try to hit that mark before you continue down your priority list.

The seventh and final card, shown in this image, reads:

Step 7: Turn to your other savings goals

Once your debt, retirement savings, and financial safety net are in a strong position, it might be time to start turning your efforts (and extra cash) to your other goals, whether saving and investing for a child's college education, planning for the trip of a lifetime, paying off other remaining debts, or something else.

What goals you have, and which you choose to fund first, may be personal to you, so there aren't necessarily any hard and fast rules for how to best focus your efforts. (Learn more about identifying your savings goals.)

If you aren't already working with a financial professional, this might be a time to consider bringing in some help. A professional may be able to help you identify and prioritize your goals, plus come up with a saving and investing strategy that can put you on track to reach them.

It will still be up to you to do the hard work of funding your goals, but it never hurts to get some outside reassurance that you're on the right track.

Источник: https://www.fidelity.com/viewpoints/personal-finance/how-to-pay-off-debt

How to pay off debt faster

1. Pay the minimum payment on your card

The minimum payment on a credit card is the lowest amount you’re asked to pay before the due date. If you bank with CommBank, it’s usually $25 or 2% of your closing balance and you’ll avoid late fees by paying this. You need to be aware that the minimum payment is a fraction of your whole balance - and if you only pay the minimum rather than your total owing, you’ll incur more interest. 

2. Think about using savings to clear debt

If you have extra money in savings, consider whether it’s worth using any of it to pay down debt. The interest you need to pay on your credit card debt is usually higher than how much you would earn on a savings account. So if you don’t have need it for anything else and you’ve got enough for a rainy day, consider using savings to clear debt.

3. Look at the interest rate, not the balance

When you pay off your debt in proportion to the balance owing, without considering the interest rate, you could find yourself carrying debt for longer. Interest on even a small debt can build very quickly, so if you have a few debts to pay off, consider paying the ones with the highest interest rates first after you have made all of your minimum payments. Our calculator could help with this.

4. Decide on a debt repayment strategy

Put a plan in place to pay off your debt faster by considering a debt repayment strategy. It makes the most mathematical sense to pay off your debts with the highest interest rates first. But some people feel motivated to keep going when they tackle their smallest debts first. Others find it easier to pay their debts at once, which they can do with a debt consolidation loan.

Источник: https://www.commbank.com.au/articles/financial-wellbeing/how-to-pay-off-debt-faster.html

Financial literacy 101: save first or pay off debt?

Everyone needs an emergency fund. At the very least, earmark $100 monthly for emergencies before paying down high-interest debt.

An emergency fund lets you pull money from savings if needed. If all your extra money goes towards car payments, student loans, traditional mortgage payments, or other non-readvanceable debt, you can’t access that money for an emergency.

Note: this doesn’t apply to credit cards, lines of credit, home equity lines of credit, or readvanceable mortgages like Manulife One that allow you to borrow, pay down, and reborrow again to a predetermined limit.

To make sure your emergency fund doesn’t quickly become a shopping account, it’s wise to name your account “Emergency Fund” in your online banking. Seeing that name will remind you of why you’re saving.

Choose an easily accessible account such as a high-interest TFSA for your emergency fund/savings, so your savings will grow tax-free.

Источник: https://www.manulifebank.ca/personal-banking/plan-and-learn/personal-finance/save-or-pay-off-debt.html
  NerdWallet

We all know that getting into credit card debt is a bad idea. Most cards charge double-digit interest rates, so carrying a balance from month to month can get seriously expensive.

But credit card debt can also do damage to your credit score, and maxing out a card — that is, charging up to your credit limit — is particularly harmful. This is because 30% of your credit score is heavily influenced by your credit utilization ratio. If you're using more than 30% of a card's available credit at any time, your score could be getting dinged.

Given all this, it might surprise you to learn that there are four situations in which maxing out a credit card could make sense. Be sure to read the information below carefully — there's a lot of nuance to each scenario!

1. You're in a serious emergency

If your health or safety is at risk, your credit score shouldn't be a top concern. When maxing out your credit card is the only way out of a serious emergency, don't hesitate to reach for plastic.

This reason for charging up your card shouldn't be taken lightly; it might be smart to first establish just what constitutes a serious emergency. For instance, your car breaking down on a busy highway probably qualifies, but wanting to take a last-minute vacation with friends likely doesn't. Setting up these parameters will help you avoid making a mistake that could seriously hurt your credit.

2. You're racking up rewards, and will pay it off right away

If you're using the right credit card, you're earning stellar rewards every time you swipe. To leverage this, some shoppers max out their credit cards on large purchases, then pay off the charges at the end of the month. This way, they're racking up points or miles without going into debt.

While this can be an acceptable reason to max out your card, don't wait until your billing cycle closes to pay off your big spend — do it as soon as the charge posts to your account. In doing so, you're minimizing the possibility that your credit card company will report your balance information to the credit bureaus while all your available credit is in use.

3. You're unemployed and running low on cash

A long stretch of unemployment can be stressful, especially when your emergency fund starts to run dry. In this case, it might be time to start using your credit card for necessities, like food and gasoline.

It's somewhat of a judgment call, but if there's no job on the horizon, holding onto some of your cash reserves is probably a smart idea. There are some disasters (like emergency home repairs) that you might not be able to use a credit card to fix. This is why it might be a good move to use plastic when you can and thus keep at least a little cash on hand. It's not ideal, but holding on to some degree of financial security is more important than your credit score.

4. You're consolidating debt with a 0% deal

Carrying balances on multiple credit cards is a hassle, and you're probably paying through the nose in interest. If consolidating several debts onto one card that's running a 0% promotion is an option, it's probably worth looking into — even if it means maxing out the new card.

This is a lesser-of-two-evils situation. On the one hand, maxing out a card could hurt your credit score. But on the other, you'll save a lot of money on interest if you pay off the balance before the interest-free period is up. Plus, you'll be eliminating the balances on several cards as part of the consolidation process, which could give your credit score a modest bump. All things considered, it's probably best to opt for the consolidation.

A final word of advice: While you might have a legitimate reason to max out your credit card, paying it off should be a big priority. Make a plan to get to debt-free, and follow it to the letter. You'll be back to a zero balance in no time flat!

More: 3 Lame Excuses for Overspending on Credit Cards — and How to Overcome Them

More: My Mom Tells Me I Need a Credit Card, But My Dad Thinks I Should Wait — Help!

More: Moving This Summer? Use These 5 Credit Card Perks to Make It Easier (or at Least a Little Cheaper)

NerdWalletis a USA TODAY content partner providing general news, commentary and coverage from around the Web. Its content is produced independently of USA TODAY.

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Источник: https://www.usatoday.com/story/money/personalfinance/columnist/2014/08/09/credit-card-debt-score/13628109/

6 Major Credit Card Mistakes

Credit cards can be a boon to consumers, providing many advantages and benefits. Because they're such a great alternative to cash, they're great if you need to make purchases when you find yourself in a pinch. Some cards offer perks like rewards like cash back or travel miles, while others give you some added protection for your purchases. If you play your cards right and pay your balances off each month, you'll never have to pay a dime in interest. Plus, being a conscientious credit card user can help boost your credit rating. However, these little pieces of plastic can also be a curse, especially if you're already swimming in debt or just don't know how to keep a handle on your finances.

Thousands of consumers have trouble getting their credit card balances under control. If you're among these consumers, don't despair. You'll make your debt more manageable once you choose to change your spending habits. Take a giant step in this direction by avoiding—or stop doing—these six major credit card mistakes.

Key Takeaways

  • There are a series of common mistakes people make when they use their credit cards which can cause huge problems with their finances.
  • Making minimum payments only and using cards for everyday purchases are two of the most common mistakes.
  • The benefits of rewards can be small, while cash advances can be costly.
  • Never pay your medical bills with your credit card and be sure you never ignore your debt.

Only Paying the Minimum Balance

It's tempting to send in minimum monthly payments—often $15 to $25—when you're under financial duress. Don't do it. High-interest rates charged by credit card companies will keep the bill growing every month. Instead, send the highest payment you can afford and reduce spending in other areas to focus on paying off the debt. It might be worth going without extras like the newest smartphone or latest fashion if it means you'll sleep easier at night, knowing you'll soon be debt free. 

It may not feel like you're saving money when you increase credit card payments, but you are. Depending on the interest rate, you'll save an average of 10% to 29% per year in interest on any balance you pay off. For example, if you pay off an extra $1,000 this year, you'll come out $160 to $290 ahead, depending on the rate.

Money is probably already tight if you're already in debt, so freeing up extra cash will give you some breathing room for the long haul. Whether you use this money to accelerate debt payments, start an emergency fund or invest in retirement. The power of compound interest will start working in your favor instead of against you.

Using a Credit Card for Everyday Items

Another trap people often fall into is using their credit cards for regular, everyday purchases. Unless you follow a monthly budget and can easily pay your credit card balance in full each month, charging non-discretionary expenses on a credit card can be dangerous. By keeping common purchases like groceries and utility bills off of your credit card balance, you'll take a major step in getting spending under control.

Consider that a $3 gallon of milk bought with a credit card will eventually turn into a $30 gallon if you don't pay off the balance at the end of each month. There's no reason to incur interest charges on necessary items that you should buy directly with monthly income with cash, check or debit card.

Chasing Credit Card Rewards

Credit card rewards are usually worth far less than the extra interest you'll accrue if you can't pay off the money you spend to earn those bonuses. You may, for example, receive one point for each dollar you spend, but you'll probably need to redeem 5,000 points to get a $100 discount on a plane ticket. Since the interest charged on outstanding account balances often exceeds the typical 2% bonus, it may not be a worthwhile trade-off.

You should also avoid signing up for multiple credit cards, regardless of bonuses. If you already know you don't manage credit cards well, don't add temptation in the form of additional cards. It's also easier to miss a payment deadline when you have more cards than you can manage. Remember, a few late fees or interest payments will quickly obliterate those sign-up gifts or rewards. 

You can use your cards more frequently once you have your debt paid off and know how to avoid new debt. As long as you pay your balance in full and on time each month, there is nothing wrong with using credit cards instead of carrying cash or to take advantage of rewards like cash back or frequent flier miles. Just make sure those purchases fit within your monthly budget.

Taking Cash Advances

Credit card companies employ tactics like sending checks in the mail, encouraging you to use them to pay bills or to treat yourself to something nice, but they rarely make it clear that these checks are treated just like cash advances. Taking a cash advance is dangerous because you start to accrue interest immediately, unlike regular credit card purchases. In addition, there's often no grace period and you'll be charged an automatic fee that can run as high as 4% on the amount of the advance. To add insult to injury, the credit card company may not consider the cash advance to be paid off until you've zeroed out the balance for your other purchases.

The best thing to do with these checks is to shred them as soon as you receive them, avoiding the temptation while preventing would-be identity thieves from snagging account numbers out of the trash. Many companies also send a personal identification number (PIN) shortly after you sign up for a card, hoping you'll use it to get cash from an ATM. Shred that paper, too.

Using a Credit Card to Pay Medical Bills

Medical bills can be overwhelmingly expensive, especially if you're uninsured. If you're having trouble paying your medical bills, negotiate an agreement with the hospital or other company to whom you owe money. Don't add to your bills and stress by adding exorbitant credit card interest rates onto them. You should also go through your medical bills a second or third time, making sure they are accurate and you understand all the charges. 

Ignoring Your Debt

Some folks get so stressed out or embarrassed by credit card debt they stop opening their bills and pretend there's no problem. It's obviously a bad approach because, while you're ignoring the bills, the ticking time bomb of interest rates is adding to the debt. In addition, if you miss a payment or two, the interest rate may shoot higher under the terms of the card agreement. 

You can call card companies if you feel overwhelmed and ask to renegotiate the terms of your agreement. You may be able to get the interest rate lowered, set up a payment plan, or get some of your debt forgiven. If your first call doesn't work, keep calling back because a different customer service representative may allow you to negotiate a better deal. 

Your credit card issuer may be willing to negotiate the terms of your agreement.

Ignoring debt can also lower your credit score and spur debt collectors into action. With unsavory tactics often employed in this industry, you don't want to do anything that puts you on their radar.

Finally, don't let embarrassment prevent you from taking action. You may assume that everyone else has their finances under control, but many other consumers face similar debt problems.

Other Mistakes to Avoid

The mistakes listed above are some of among those most frequently made by consumers. But there are others.

Late Payments

Don't make late payments. Doing so will damage your credit score and will also incur late payment charges on your account. Your credit cards will likely have a regular due date every month—say, the 15th of each month—and it rarely deviates. So it's important to know when your bill is due. If you have trouble remembering when your payment is due, try adding a reminder on your phone or computer, or circling the dates on a calendar that's easily accessible.

Maxing Out the Credit Card Credit Line

If you don't have the money to make payments, you shouldn't be using the credit card—and you shouldn't be maxing it out. Remember, credit cards also charge over-limit fees, so if you fall behind on your payments, the interest will kick you over your limit and you'll have to pay more in fees.

Not Understanding Terms of the Account Agreement

Banks and credit cards supply the terms and conditions of specific cards at the time the application is completed and when the card is issued. It's important to know what these terms and conditions are before you use the card. Doing so will help you have a better handle on what's expected of you from the credit card issuer, and it will also help you manage your spending habits better.

The Bottom Line

Cleaning up credit card debt takes time and self-control, but the steps outlined here aren't difficult to follow. Credit cards become helpful and convenient financial tools once you overcome debt and learn to use them sensibly and responsibly.  Avoiding these common mistakes can put you on the right path.

Источник: https://www.investopedia.com/articles/pf/07/credit-card-donts.asp
should i pay off my credit card

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