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How To Use Your Credit Cards In The Proper Way And Become Their Master, Not A Slave
Maybe you heard the old story about a guy who wanted to go on vacation for a couple weeks, but was really tight with his cash and didn't want to pay to pay for his car to be garaged for that time - nor did he want to leave it on the street while he was away. He drove to a bank and inquired about a short term personal loan to cover his vacation, to which the manager of the bank asked, "Do you have any collateral?" The man replied, "Yes, I have a car" The small loan was then made available, and the automobile was placed in the locked garage area underneath the bank. Upon the man's return from his vacation, he went to the bank and paid back the loan entirely, which also included $15 interest. The bank manager was confused and asked of the man, "Why did you take the loan when you obviously didn't need it?" The man smiled, "What other place in this city can I get secure parking for 14 days for just $15?"
Of course, it's an amusing urban myth, but it does indicate a good direction for managing our personal finances. Consider credit cards, for instance. Originally created to provide financial flexibility in the consumer crazy period of the 50s, they rapidly became indispensable in the our daily lives, but unfortunately have also brought trouble to a lot of people. While it's true that these little pieces of plastic are sometimes too easy to use, used carefully they can be a great help, we only need to use them in a responsible way. At the present time, competition in the market place has caused companies to create new types of specialized cards, for very various customers and purposes. If your credit rating is more than 700, for instance, you can apply for a credit card with a low APR. Even though you can still apply for cards when you have less than perfect scores, bad credit or perhaps bankruptcy, the terms and rates are different.
If you have a big balance on your current credit card, and you need to reduce your payments, you could transfer the money over to another card. There are cards out there which boast extended periods with no interest to pay, which gives you a great opportunity to pay down the debt or pay it off altogether. Balance transfer credit cards are the stars of the credit card range. A different possibility is to apply for credit cards which give some rewards for using them. The best reward credit cards give rewards such as money back, points for air line flights or points that can be changed for products. A secure card isn't actually a credit card, but can only be used if the account is topped up first, by putting money into it. However, secure cards get reported to the main credit bureaus and so can be a great help to rebuild your credit score after you have had problems.
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