I came across this blog from TheMotleyFool today while surfing the net and thought it has some connection to what we talked about in Econ today. Basically, the article gave some advice on how to handle credit card debt, especially in today's economy when people don't have the money to pay their bills. The part that related to class was about spending money you have in savings accounts that pay back small amounts of interest instead of letting it sit. Since you're not making any money off of having your savings sitting in a bank account, you might as well spend some of it on paying off your credit card debt. This also helps your credit score, making banks more likely to give you a loan.
For all your credit card holders out there who might want to take a peak at the website, here it is:
http://finance.yahoo.com/personal-finance/article/108261/ignore-your-credit-cards-minimum-payment
Thursday, December 3, 2009
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1 comment:
Thats smart. Good thing my credit card is in my Dad's name...haha.
I always see those ads on TV about people "negotiating" with your credit company to lower your debt. I wonder how well that works?
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