Virginia Raegan

Suppose, you’re checking out at a store, and an offer pops up on your screen. You can save tons on your purchase if you qualify for the store’s credit card. If you already have a few other cards, does it matter if you sign up for this one? How many cards is too many? What if you already have multiple cards and aren’t close to achieving credit card debt payoff ? How do you keep track of all of your cards? Here is what you need to know about having multiple credit cards. What It Means to Have Multiple Credit Cards Much like “ what is a good APR for a credit card ?” whether you need multiple credit cards is subjective. The answer to both is “it depends.” For APR, it’s dependent on your credit score. For the number of credit cards question, the answer is based on how well you manage your money, how well you can juggle multiple card payments, and how much you are willing to have as a line of credit. More cards mean more spending power, but it can be easy to accrue debt quickly. If you a...

When you need help with credit card debt , you might not be sure where to start. You have the money to start paying off your credit card balances, but is there a certain strategy to try over another? What is the most effective way to pay off your debt? How can you follow progress? Here are some popular ways to start paying off debt with your extra money, in addition to pros and cons to consider. Avalanche Method The avalanche method is quite simple. You pay down the account with the highest interest rate first. You can use a credit card interest calculator to determine how much you will save if you first pay off your highest-interest loan. For example, you might have a credit card with upwards of 22% APR. Once you have paid off that debt, you can work on other accounts. This could be other credit cards, or it could be student loans, a mortgage, or car loans. This method will save you the most money over the long term. However, if you have a high balance on the account, it could tak...

Consumer credit cards have high interest rates and complicated terms. It’s easy to accumulate debt quickly. If you’re saddled with excessive credit card debt, you might be looking for a way to achieve credit card debt payoff sooner rather than later.  There are plenty of companies that can help you, and the right company may be able to do things like simplify your payment process. This can help get you out of debt faster. The key to making the most of those benefits is learning how to identify the right services and loans for your needs. A Simplified Process A credit card debt management company might do any number of things to help you simplify the process. The company might provide you with a line of credit and use that credit line to pay off all your credit cards. Paying that one provider once a month allows you to stop juggling multiple credit card payments. You might use this if you have high income and high debt, letting you use disposable income to pay off th...

When you have a lot of credit card debt, it can seem impossible to pay it all back. It just keeps growing. The interest keeps building each month. How do you start paying it off faster? The right tips can help with credit card debt and get you back on track. With the right repayment strategy, you can start paying off your card and living a better life. Here are a few tips to help you get started.  Understanding Interest Interest is typically applied each month at a rate called an APR, which can be fixed or variable. It looks at how much money you owe, and a percentage of that is added to the account as interest. This is how lenders make their money. You can use a credit card interest calculator to see how much interest you are generating, given your card’s APR, and how you can pay it off faster. The first step to understanding how to pay off your card is knowing that more debt is added each month in the form of interest. Now that you know how much is being added, yo...