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Savvy Spender
Live Well For Less


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    Credit Cards - Why I Always Carry A Balance!

    Monday, October 17, 2005
    Credit cards debt never worries me because contrary to some people I believe that they can save you more than they can hurt you if you handle them properly. I abused my first credit card and it abused me back by charging me 21.9% interest!!! My monthly payment never even touched the balance. But instead of that terrible scenario, consider these:

    1. Discover Platinum Card at 0% - see link in right column:
    A. $5000.00 @ 18% = save $750.00
    B. $8000.00 @ 18% = save $1200.00
    C. $10,000.00@ 18% = save $1500.00

    2. Carry $8000.00 (average household debt) at even 0.9%, which is the offer I often receive on my existing cards, and save almost as much instead of carrying this amount on a line of credit or home equity loan.

    3. Use another cashback bonus card like Discover (your household can have more than one) and pay your monthly purchases off so you do not pay high interest rates.

    It is fun to be in control of your credit cards!!! I literally save a small fortune by using mine!!!