Tuesday, March 3, 2009

Manage Your Credit Card Wisely

I just attended a Financial Literacy and Financial Management seminar yesterday and I will have to agree about the speakers note about peoples wrong notion about credit cards and how they handle their money.

I can relate to what he said that often times when I pay my credit card bill, instead of paying the exact amount due I just pay the minimum amount allowed. That was a wrong practice he said because in that way you are accumulating more interest than what you just owe. The speaker was the President of a financial institution here in the Philippines for small to medium businesses and he does understand loans and credit cards.

People should be wise in in using their credit card because its not so great to go in debt because of the huge interest rates. Before signing-up for a card it is wise to compare credit cards first and see which has lower interest rates that the others. Doing so I found out that my card rates the highest imagine it charges 15 percent a month compared to the 2-3 percent on others. Yeah I know its crazy!

Now I am happy with the new one I got because its a low interest credit card. I will no longer have sleepless nights thinking about how am I going to pay my credit card anymore and just sit and relax and enjoy using my card.

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