Do you know what happened to a lot of people last month? The credit card bills from all the Christmas shopping they did in December started coming in. Were you one of those people? If so, were you shocked when you realized how much money you actually spent?
Thankfully, we don't have credit cards, so we did all our shopping with cash. That means no credit card bills, and no surprises. But, it also means that we have a hard time getting credit. For instance, we tried to qualify for one of those instant refund loans for our taxes. We were denied because we don't have current credit. The tax lady actually recommended getting a card to buy groceries, and then paying the entire balance at the end of each month. The question is, which card is the best for us?
I like finding websites that let you compare all the different features of several different cards so that you can make an informed decision. For us, getting a card with 0 apr on balance transfer isn't a priority, because we don't have any balances to transfer to a new card. For people with a lot of credit card debt, this might be something that they want to look into. Saving money is hard, and paying less each month in interest is always a good thing. I think what will work best for us would be a low interest rate, though I'm pretty sure that with our not so great credit score, we will only qualify for cards with high interest rates.
The good thing is, we are taking steps to correct our credit standing. I know that it's not something we can change overnight. It's going to take a while, and we have to make sure we are diligent in our monthly payments. The goal is to get better credit, not get buried in debt.
2 comments:
It's a vicious circle. Can't get credit with out a card, can't get a card without credit. I've consolidated everything into one loan. Kept my one visa, but am going to lower the limit. Have to have one for emergencies ;)
Miranda ~ I know, right? We should have one, but it's so much easier to just use cash and save up for things.
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