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'Tis the Season to Break up...with your credit cards

Tis' the Season to break up ► 'TIS THE SEASON TO BREAK UP... WITH YOUR CREDIT CARD. Let's be honest- dealing with credit cards can be a lot of work. Sometimes you just need to cut it off, despite the guilt of breaking up. Sometimes you're given an immediate and guilt-free way to end your relationship. Something so unforgivable we call it a "deal-breaker." Here are the top 5 deal-breakers to watch out for: High Interest Rate Facts 20% Student credit cards often have interest rates starting around 20% that multiply with late or missed payments. Those payments are generally due every month, with no deferment, forbearance or forgiveness. Staring Interest Rate *An interest rate is the price the borrower pays for taking out a loan. Credit card interest rates may be more complicated %24 because lenders use different or multiple rates. The low beginning rate may rise with additional purchases. Who wants to pay $1,000 per year for a relationship?! High interest rates can have you shelling out that much. LOW "ongoing APR" $$$$$$$$ $$$$$$$$$$$$$$$$$$$$ $$$$$$$ $$$$$$$$$$$$$$$$$ $$$$$$$$ $$$$$$$$$$ $$$$$$$ REAL each dollar sign represents $10 Parental Consent (Co-signer) &g. Remember when your father had to approve your dates? Just add money, forms, liability, interest, credit limits and voila! You have a co-signed credit card. Facts The Credit Card Accountability, Responsibility and Disclosure Act of 2009 made it more difficult for those under 21 to obtain credit cards. You now have to prove that you have the independent income to support a credit card or find an individual with excellent credit to co-sign. *A co-signer is an individual who signs a credit card agreement with someone who does not qualify for credit on his or her own. Most students must have a co-signer for their first credit card since they lack sufficient credit history. Teaser Rate Ladies, you've all met this guy. Sweet, brilliant, cute and the consummate gentleman, but when you try to lock him in long-term he's running for the hills. Don't make this mistake with your card! Facts Teaser and introductory rates are usually offered for both fixed rate and variable rate cards. In all promotional materials for cards carrying a teaser rate, you'll see reference to an "ongoing APR," as well. That is the interest rate you will be charged on balances once the introductory "teaser rate" period has ended. *A teaser rate is an interest rate put on credit cards at the sually rise significantly. It is sometimes known as the go-to rate. eriod. It lasts at least 6 months and then will Still Hung Up On Your First Card Yeah, dating your high school sweetheart long-distance sounded like a great idea! Cut the crap, grow up, dump them, find new friends, and for goodness sake go to to get a new card! Facts Card issuers know that students tend to be more loyal to their first financial providers. "It's a bit of a life event," says Ed Stolbof, a senior vice president at Discover Financial. 5 Too Many Cards Facts At first playing the game sounds great: there's always something (or someone) to do. One month later keeping track of all the names, hobbies, schools and friends can be exhausting. Save yourself the mental workout: use less than 3 cards. The average college student now has 4.6 cards and a record balance of $3,173 according to a recent study by Sallie Mae. What's more, only 17% of college students pay off their cards in full every month, meaning that scarce student resources are wasted paying interest charges. Students that 17% pay off their credit card

'Tis the Season to Break up...with your credit cards

shared by crownsocial on Feb 14


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