This is different from a regular loan, which only lets you borrow once.Īlso, know the APR on your card so you know how much you owe each month, when the bill is due, and how long you have to pay it off. More than that, a credit card is a kind of revolving credit, which means you can borrow money again and again as long as you follow the rules. In an ideal world, a person should spend less than he or she earns so that there is enough money left over to save and invest.īefore you borrow money, make sure you know what you have to do and what your rights are. This budget, i.e., the monthly plan, will help you keep your credit card spending under an amount you set, which will keep your balances low. To stay out of debt, add up all of your monthly expenses and income, and then make a budget for yourself. The rate of interest, or the annual percentage rate, determines how much you pay in interest (APR).In the same way, you are likely to be charged over-the-limit fees if you have gone over the credit limit on your card. If you can’t make at least the minimum payment each month by the due date, you might also have to pay a late payment fee. #WOOCOMMERCE SMART REMINDER EMAILS FULL#Because of this, if you can’t pay back the full amount you spent by the due date on your card, you will be charged interest on the amount you still owe.
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