SWIPING A CREDIT CARD IS EASY TO DO -- WHETHER ITS FOR EVERY DAY ITEMS OR MAJOR PURCHASES. BUT IF YOU'VE STARTED TO ACCUMULATE SOME DEBT -- 12 NEWS CONSUMER REPORTER SARAH GUERNELLI SPOKE WITH AN EXPERT ABOUT WHAT YOU SHOULD DO. SARAH? (SARAH) THE AVERAGE PERSON HAS ABOUT 4 CREDIT CARDS. BUT ITS IMPORTANT TO BE MINDFUL HOW TO YOU MANAGE THE DEBT. (SARAH) MORE AND MORE PEOPLE ARE TURNING TO CREDIT CARDS. (Ted Rossman, Bank Rate) "we have found that about 60 percent of people have had credit card debt for almost a year thats up 10 percentage points year over year" TED ROSSMAN FROM BANK RATE SAYS IT'S EASY TO RACK UP A LARGE BALANCE.
(Ted Rossman, Bank Rate) "some people say credit cards are like power tools they can be very useful or very dangerous" HE RECOMMENDS FOR PEOPLE TO TRANSFER THE BALANCE ON A CARD WITH 0 PERCENT INTEREST FOR A CERTAIN AMOUNT OF MONTHS AND THEN DON'T USE IT. (Ted Rossman, Bank Rate) "dont add new purchases divide what you owe by the number of months in your 0 percent term and try to stick with that" THAT -- COULD SAVE YOU HUNDREDS TO THOUSANDS OF DOLLARS IN INTEREST. HE SAYS THERE ARE A FEW CARDS RIGHT NOW THAT WILL OFFER THAT. (Ted Rossman, Bank Rate) "cards that offer no interest is wells fargo reflect, bank america card city simplicity and city diamond preferred" HE ALSO SAYS - ONCE YOU MOVE YOUR BALANCE OVER -- DON'T CLOSE THE CREDIT CARD, (Ted Rossman, Bank Rate) "I would say your credit score could suffer in general if you have more than 5 credit loans in a year and that could include a mortgage loan, card loan and things like that" (SARAH) HE ALSO RECOMMENDS -- IF YOU ARE GOING TO MAKE A BIG PURCHASE -- LOOK FOR A CREDIT CARD THAT WILL OFFER SOME TYPE OF REWARDS.
AND PAY IT OFF..
As found on YouTube