Financial survival

Financial survival

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  • So how could a credit card help me?
  • Credit cards are beneficial in many ways such as, having money just in case of an emergency or being able to spread big payments out over a period of time.
  • As long as you consistently pay off your monthly debt, there is none, however if you miss payments or let your debt carry over month to month you will be charged what is called your Annual Percentage Rate (APR).
  • So what's the catch?
  • Alright, and what, if any are the penalties for a late or missed payment?
  • There are a few common ways credit card companies charge the rate, here is two, a fixed APR or it could be variable, meaning it can fluctuate depending on factors such as credit history or economic activity. To find out which read through the Schumer Box that the company sends you, it will have all the information you need about the card.
  • What is my credit limit or how could my payments carry over into the next month?
  • If you exceed your credit limit or miss monthly payments, the information inside your Schumer Box should tell you the rates, as all cards vary.
  • You can't surpass your limit, which could be anywhere from $500-$10,000, also if you were to make just the minimum payments, a $1500 loan would turn into $3000 after interest.
  • Alright, I see now.
  • Thank you for the help!
  • Yeah, no problem.
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