(NC) The holiday season can be expensive. Between entertaining and choosing the perfect gifts, your wallet can take a hit. Even if you do find some great bargains, credit card interest rates can quickly eat up the money you saved from the discounted prices if you carry a balance.
Reduce financial stress in the new year by following these tips:
– Set a budget for gift spending before you start shopping—one for each person on your list, as well as a total limit for all gifts.
– Plan to pay the total amount owing on your credit card by the due date to avoid interest charges. If this isn’t possible, pay as much as you can.
– If you expect to carry a balance, consider switching to a line of credit, which usually carries a lower interest rate.
– Avoid taking cash advances on your credit card, as you’ll be charged interest immediately.
– Check your monthly statement carefully and report any unauthorized transactions to your credit card company immediately. This is especially important in the new year, since credit card fraud occurs more frequently during the holiday season.
There are resources you can use to help you manage credit, like the Financial Consumer Agency of Canada’s credit card comparison tool. It can help you find the credit card that best suits your needs by letting you compare features for different credit cards, including interest rates, annual fees and rewards.There are many credit cards with low interest rates available if you normally carry a balance. Many of those come with an annual fee, but this option could help you cut some of the costly interest charges that can be much higher than the annual fee.Before accepting any product, read the terms and conditions of the credit card application and agreement carefully. Ask questions about anything you don’t understand.
Find more tips and tools at canada.ca/money.www.newscanada.comHave mortgage questions? I’m here to help you!Please feel free to contact me with any questions you may have. It would be a pleasure to assist you or any one of your friends or family members!This electronic mail transmission and any accompanying attachments contain confidential information intended only for the use of the individual or entity named above. Any dissemination, distribution, copying or action taken in reliance on the contents of this communication by anyone other than the intended recipient is strictly prohibited. If you have received this communication in error please immediately delete it and notify the sender. |
