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  Listed Article

  Category: Articles » Finance » Credit » Article

Choose credit cards with care

By Mark Lambie

If you find that your credit card purchases have exceeded your budget, you
may be in need for some emergency credit counseling! Instead of throwing
out all of your cards, consider assembling a strong hand of between 3 and 5
cards that will allow you to have a powerhouse wallet or purse!

First, consider the interest rate on your credit cards. Shop around to see if
there are cards that offer lower interest rates. You may save a lot of money by
switching over. And if they are balance transfer cards, they may offer even
lower rates of interest! Once you have a low interest rate card, get rid of your
higher interest rate cards. They're just not worth it!

Second, you should think about getting a reward card. Unlike regular credit
cards reward cards offer the same purchasing ability as regular credit cards
but also allow you to enjoy rewards from points earned or immediate
discounts on purchases at select retailers. The secret to finding the best
reward card for you is to get a card that offers rewards from a vendor you
normally shop at anyway. For example, if you buy a lot of petrol, get a card
from a vendor that gives you points for filling up your car with petrol. There's a
lot of cards out there that have partnered with various vendors so find one or
two from vendors you normally shop at.

Once you have found some credit cards that offer low interest rates as well as
rewards on purchases you are ready to face the world again with a high-
powered wallet. Even though you have increased the money you'll keep
(because of lower interest and the discounts available on purchases) you may
have carried over some debt that you would like to get rid of.

One option to do this is with debt consolidation loans. A debt consolidation
loan is one where you gather together all of the debts you have and put them
under one umbrella. By gathering many small loans at varying interest rates
and due at varying times of the month, and putting them under one roof, you
are effectively lowering your average interest rate and consolidating your
payments into one fixed payment once a month. And, because you are
gathering your debts from many vendors and giving it to one vendor, you may
be able to get a lower interest rate.

Congratulations! You will have just taken your powerhouse wallet from good¡­
to great!

About the Author
Mark Lambie is the founder of Loan Source, a website for UK residents seeking secured loans. Visit our website today for a free Secured Loans quote and find out how much we can save you.

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