Does It Make Financial Sense Canceling Credit Cards?

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When you make an effort to pay off a large amount of credit card debt, it can feel good to be able to cancel your credit card accounts and be out of debt completely. While this is a common practice among people who are paying off debt, it may not always be the best decision that you could make financially. In some cases, canceling your credit card could hurt you in other ways that you did not foresee.

Wise Use of Your Credit Card

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Using a credit card can be an easy way to make purchases no matter where you are. While credit cards are easy to use, this ease can also lead to some problems for you as a consumer. A credit card in the wrong hands can create a dangerous situation, financially. If you plan on opening a credit card account, you need to understand some basics on how to use your card wisely.

Virtual Credit Cards: A Cure for Credit Card Identity Theft

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Identity theft is a problem that has been growing rapidly in recent years. Many people have fallen victim to identity theft in one form or another at some point. One of the most common types of identity theft involves credit cards. An identity thief gains access to your credit card information and then uses the numbers to make a purchase on your account. While this is still a problem, a new system that is provided by credit card companies has the potential to thwart many of these issues. Virtual credit cards can be used effectively by consumers to protect their information and avoid identity theft.

Beware of APR Fees on Credit Cards

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Interest rates on credit cards are among the highest rates permitted in the consumer loan market. While most interest rates are between eight and fifteen percent, rates on credit card are allowed to go as high as thirty percent. With rates this high, even small debts can take a person years to pay off.

Maintaining A Good Credit Score 101

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Maintaining a good credit score is easier than pulling yourself out of poor credit. If you have a solid credit score, chances are you have done something right in the past. There is always room for improvement, however, and everyone can benefit from a higher credit score. There are a lot of misconceptions about how to acquire and maintain a great score, however.