Quote:
Originally Posted by Karl F
the level of debt, is a factor, in your credit rating, and effects the interest rate as well.
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Karl nailed it.
You can get a free credit check every year on the web where you are rated by points as to your credit worthiness. They take into account all your timely or untimely payments on debt.
The credit card companies have done everything possible to get younger people
into their grasp. The average credit card debt is something like $15,000-$20,000.
Even when you pay your card in full each month, which can be a good thing as some cards offer 5% on gas, groceries and drugstores, watch the due date as they will change it from time to time and unless you see it and pay it on time they love hitting you with the late fee.
Most important thing anyone who has credit debt is pay it down ASAP, the interest rates are outrageous. Then back to economics 101, don't buy anything unless you can pay for it in cash.
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