Purchasing Credit Card Debt

It is undeniable, that many people in this world work hard every day to enrich themselves. There are two ways you can become rich. First, to make more money, second, is to spend less money. Purchasing credit card debt is a card that can't increase your wealth, but instead increases your purchasing power which actually can't be bought by your monthly income

Buy Credit Card Debt

A credit Card is a means of payment using a card that can be used to make payments for obligations arising from economic activity, including shopping transactions and/or to make cash withdrawals, where the cardholder's payment obligations are fulfilled in advance by the acquirer or issuer, and the cardholder is obliged to make payments at the agreed time either by repayment in one lump sum (charge card) or by payment in installments.

Purchasing Credit Card Debt
Picture: thebalance.com

A credit Card is a payment method that gives you the convenience of making payments for your financial transactions. Nevertheless, you should pay attention to the costs and risks that may arise in its use.

Research proves that consumers tend to shop more when using credit cards than when they use cash.

Therefore, before you submit a credit card opening application, think first about your needs and how you will pay the credit card bill.

Don't use a credit card to pay off your other debts. You can be tied to interest and other costs whose amounts will cost you more in the long run.

How to Choose a Credit Card Issuer

What kind of Credit Card suits your needs?

Nowadays you have the convenience to compare the offers of one credit card issuer with another. Some things that can be of concern to you in choosing a credit card issuer are:

  • Interest rate payable
  • Amount of fees and fines
  • Calculation of minimum monthly bill payment
  • Credit card features such as security features (e.g. SMS confirmation when making transactions); convenience features in making payments (e.g. having a variety of payment methods); and other features that are profitable for consumers.

How to Pay Credit Card

The most important tip in making credit card payments is to pay your bills as much as possible every month on time.

Beforehand, keep your expenses within your financial capabilities so that you can manage your credit card bill payments properly. Make sure your credit card limit is to your needs and can be managed properly.

If you have more than 1 (one) credit card then the payment method you can consider is;

  • Prepay the Credit Card bill that has the highest interest rate
  • Pay off your credit card that has the smallest bill to minimize interest payments and fees

Then try to only use one of your credit cards if needed.

Hopefully, this information about "Purchasing credit card debt" will be useful for you.


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