New blog article: 7 Ways to Save on Credit Card Interest

[Elizabeth_FICO]

Hello everyone! If there's a new blog article that I think you guys might like I plan on posting it in the Forums.

This week's article is: 7 Ways to Save on Credit Card Interest

Let me know what you think about the article.

For more content don't forget to check out our blog.

[FicoMike0]

Good advice.

[Aim_High]

Good article, @Elizabeth_FICO.    There are a couple of things I would add to it.

1.  There is a common misconception that consumers need to carry a balance (pay interest) in order to build credit. Of course, we all know this is patently false, but still the notion persists.  So, there was a missed opportunity to reeducate the public about not paying-in-full.

2.  The article jumps right to the point where someone is struggling with debt.  But, it misses the BEST way to save on credit card interest, which is using your cards as carefully as you would use cash and not running up balances which you won't be able to repay promptly!  While I'm not pointing fingers since I've also needed to float balances at times, allowing balances to increase can be insidious if we're not disciplined about our finances. 

[Zeiram]

Short of a payday loan store, you won't typically find a worse deal than a credit card cash advance.

These things are a terrible deal and even the banks don't really want you seeing them as a place to go for a lot of money because they usually limit them to $200-300 even on a card with $10,000 or more credit limit.

[ptatohed]

I think the article should have said that once you're carrying a balance, don't use the cards any longer.  Debit or cash, until those balances are paid in full.   

[Zeiram]

---

@ptatohed wrote:

I think the article should have said that once you're carrying a balance, don't use the cards any longer.  Debit or cash, until those balances are paid in full.   

---

I think that many people carry more than one credit card, but definitely don't use the one you're revolving on again until the statement closes after you've paid it off.

[longtimelurker]

---

@Zeiram wrote:

---

@ptatohed wrote:

I think the article should have said that once you're carrying a balance, don't use the cards any longer.  Debit or cash, until those balances are paid in full.   

---

I think that many people carry more than one credit card, but definitely don't use the one you're revolving on again until the statement closes after you've paid it off.

---

I think @ptatohed is talking more about preventing escalating credit card debt, so once you cannot, for whatever reason, pay in full on one card, stop adding to the total debt by stop using cards atl all (not always possible, but a good goal!).