The Truth About Low Interest Credit Cards
By Martin Boyd
martin-boyd[at]tiscali.co.uk
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The truth about low interest credit cards is that they can be a
trap for the unwary. When you are looking into credit or ways to
finance your lifestyle credit cards can look awfully tempting.
Even the best credit cards shouldn't be used to finance your lifestyle.
There is no deeper pit you can get into than using credit cards
instead of income to pay your bills. Credit cards are great ways
to pay for a big ticket item until your pay check comes in or to
spread some debt over a couple of pay periods but credit cards are
no solution to financial woes.
Credit cards are not just about interest you also need to worry
about the company's reputation. Not all credit cards are created
equal interest wise as well as other wise.
When you find yourself in the position of paying daily bills with
your credit cards you are probably on a slippery slope to credit
card abuse. No honest person starts with the idea that they are
going to get away from their debt by juggling their credit cards.
However, many people find themselves in just that situation with
their cards. First one card then another card becomes maxed out
as you use the balance from one card to cover the interest another
card.
Credit is a wonderful tool if used wisely but like any tool it
can be misused. Credit cards are not a good way to get a loan. The
interest on a card is far higher than a mortgage and you can't write
off the interest on your income tax.
Even the lowest interest rates can jump to near usurious levels
in an instant with a missed payment on a credit card. Once you have
the higher interest rates people find that it is often nearly impossible
to get away from them. Credit card companies are reluctant to let
you go once they have you. You need to do your thinking for yourself
and look at what is best for you.
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Martin Boyd provides reviews to over 120 credit
cards online.
Compare, search and review low interest credit cards, reward cards,
poor credit cards, business cards and much more. http://www.a1-low-interest-credit-cards-online.com/
Published - November 2005
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