credit card information?
August 3rd, 2009 | by admin |i’d really like to open up a student credit card..but im reallly afraid to, i know nothing about them. i dont know what they mean by interest and apr and all that. can someone please explain to me all of this?
One Response to “credit card information?”
By mister ed on Aug 6, 2009 | Reply
look the longer you stay away the better off you are == most folks do not realize when they have a massive credit card debt there buying power is reduce by at least 20 cents on the dollar paying off the interest on the debt!!!
that said ok you apply and get a credit card and say it has a credit limit of 600 dollars you go out and charge 500 dollars now since the 500 is more that 180 dollars your credit score will go down — you never carry a balance that exceeds 30% of your available credit!!! ok your interest rate is the figure they come up with the amount of money you will be charge to use there money — right now folks with no credit or bad credit are paying upwards to 30% — or .025% a month — now remembe you charged 500 dollars they will come and tell you your minimum payment is say 30 dollars so you send them a check for 30 dollars and 12.50 will be interest and the balance of 18.50 will go to reduce your balance!! meanwhile thinking you have reduced you balance by 30 dollars you go out and spend 20 more dollars so in fact you are getting deeper in debt!!!