Journalism Month

Every credit card statement is required
by the Credit Card Accountability,
Responsibility, and Disclosure Act (CARD)
to explain how long it will take to pay
down your debt with just making the
minimum payment. Take notice of this
part of your statement. Knowing how
long it will take you to pay off just one of
your credit cards may be an eye-opener.
If you have multiple credit cards in which
you are only making the minimum, think
about the magnitude of debt you could
be incurring. You Use Balance Transfers Too
Oft en
There are some benefits to balance
transfers. Taking advantage of 0%
interestor lower interest rates can be
helpful if you intend to play by the rules
and regulations to keep these perks.
However, there can be some downsides.
If you are regularly using balance transfers, you
could be racking up even more debt.
Consider balance transfer fees which, depending
on the amount you are transferring, could be
exorbitant. For, example, the average balance
transfer fee is 3%. If you have a $20,000 credit card
balance it will cost you $600 to transfer. Balance
transfers will not deter a spending problem.
Moving balances from one credit card to another
will only free up more credit. This may tempt you
to use the card which creates more debt. Think
carefully before deciding to transfer balances as it
can become a vicious cycle of mounting debt!
Recognizing the warning signs of unhealthy
financial habits is the key to making changes on
how you handle your money. For more
information about getting out of debt and staying
out, contact Tayne Law Group, P.C. Our debt relief
lawyers are happy to answer any questions you
may have.
ht t p:/ / at t orney-new york.com