Lower Your Credit Card Rates
Posted on November 2, 2007
Filed Under Advice, rates | Leave a Comment
The average interest rate on all existing credit card accounts in the U.S. is 14% and some are as high as 30%.If you have a balance, one financial expert told us that means you’re basically giving away a large percentage of your hard earned income.
Why would you want to do that?
Credit cards are tempting tools. 51% of the U.S. population has at least two of them.
Unlike cash, consumers know credit comes at a cost.
“If you can’t zero out your balance every month, then you need to rethink how you’re using that credit card,” said Laura Cullen, financial expert.
Fresno C.P.A. Laura Cullen asks, “Why pay credit card companies more than you have to?”
The Federal Reserve reports 1 in 6 families with credit cards pay only the minimum due every month.
Kevin Quack of Fresno was one of them. He’s a good credit customer but other bills were more pressing, that is until he realized he was paying 30% interest on one card.
After Consumer Watch helped him make one simple call, his A.P.R. dropped almost by half, saving him $260 a year.
Comments
Leave a Reply