Click HERE to follow MCMF on facebook Click HERE to follow MCMF on twitter Click HERE to follow MCMF on WordPress
Life Stages

Avoid the Downside of Credit Mismanagement

Watch the interest rate

Although it's obvious that the lower the interest rate, the better, it can be surprising how much of a difference it can make.

That's nearly $900 less. It pays to shop around. Lower APRs reallly save you money.

Consider the grace period

Most credit cards come with a grace period — the time between when you purchase something and when your bill arrives — when no interest accrues. The longer the grace period, the better.
Note: The grace period usually applies only when you've been paying your balances in full each month.

Get the full scoop on special introductory rates

Before you jump on an opportunity for "free" financing, take a closer look:

Understand penalties

Penalty fees for missed payments can be as high as $35 (or more) each time. Miss three payments a year and you've just thrown away $100.
Even more costly are interest rates that increase as a result of a late payment. You could see an attractively low rate zoom up to over 20% APR.
Remember that repeated late payments not only cost you money — they impact your credit rating, too.

See how you are protected

The Fair Credit Billing Act protects your rights when certain disputes occur related to "billing errors." For example:

Students - Home Buyers - Newly Married - Divorced - Military - ID Theft Victims - Parents