— Admin @ 8:19 am — 
February 22, 2010Figures that were recently released have indicated that the level of defaults by consumers on credit cards and other forms of unsecured credit in the last quarter of last year was lower than had been expected.
Try to make a survey among your friends and find out how many credit cards they have in their wallet. How about you? You probably have at least two. People nowadays have about two to five cards. Some have more. Is it really necessary to own this many?
There are so many good credit card deals in the market that people just cannot seem to get enough. Offering irresistible credit card deals is part of the marketing gimmick of bank companies to urge consumers to get another card. But at the end of the day, when you look at your cards one by one and the bills start pouring in your mailbox, the ultimate question is if you will be able to pay for it, or are you falling in the debt trap?
It is not bad to own credit cards because it actually helps build a good credit score for you if you always pay your bills on time.
If you carry a balance on your credit card from month to month and are looking for a way to save money on interest payments, you might be interested in balance transfer credit cards. The idea is simple enough. You get an introductory offer with low interest on balance transfers, and that gives you time to pay down your balance while saving money on interest. How can you find the best balance transfer credit card for your needs though?
Here are several factors you should consider when comparing balance transfer cards:
1. Balance Transfer Rates
The balance transfer rate (usually a temporary introductory offer) can be a lower rate than you’re paying now, or even 0% interest. N
In just a few days, credit card companies will have to abide by a string of new laws that restrict them from their old predatory habits. But that doesn’t mean they won’t pull some new rabbits out of their hats in hopes of having you pay more. Yesterday, CNN Money Blogger, Ismat Sarah Mangla, reported that she’d received a notice from Citi announcing a new annual fee on her credit. “Charge more, pay us the fee, or close your account” was the message they’d sent in her in a letter. For now, she’s choosing the fee option in hopes that years of being a good customer will help her get the fee waived later on.
Don’t be surprised if the new fees keep coming.