Mistakes | Credit Card Topics

How to Close a Credit Card

By: Mike Randall, 8/15/2018

The decision to slim down on the plastic in your wallet can be made for a number of reasons. Maybe your card issuer raised your APR or implemented new fees. Maybe the rewards and perks just aren't there. Or maybe you've come to the conclusion that you just don’t need to carry around so many cards. No matter the reason for closing a credit card, there's more to think about than simply cutting it into tiny pieces or pushing it through your shredder. Will My Credit Score Change? ... read more »

5 Common Credit Card Blunders (and How to Fix Them)

By: Alexandra Leslie, 5/24/2018

More than 160 million Americans carry credit cards. Unfortunately the vast majority of those consumers are misusing their credit cards, resulting in a national average of $15,000 in credit card debt per card-carrying household. "Irresponsible credit card use leads to financial loss, either through interest and fees or increased cost when your credit profile is damaged," said ClearPoint Credit Counseling Solutions credit counselor Thomas Nitzsche. Whether it's overuse or misuse,... read more »

What Happens to Credit Card Debt During Bankruptcy?

By: Linsey Knerl, 8/24/2020

Bankruptcy isn’t as popular an option as it used to be for dealing with debt. While it may not be the first resort, however, it’s still a necessary alternative for many, and credit card debt is often a driving factor for considering this serious step in finance management. Before you consider bankruptcy as a viable option for overwhelming debt or crippling payments, it’s wise to understand how the process will affect your credit card obligations, specifically. Here are... read more »

3 Reasons to Never Miss a Monthly Payment

By: Eric Bank, 5/24/2018

For better or worse, your credit card tells the world a lot about you. It can tell a happy story when you make your payments on time — you're someone who can handle your current credit debt and probably more if you need it. However, miss a payment and the story sours. Your costs can go up and your access to further credit is threatened. Credit counselors often point out the wisdom of paying back more than the monthly minimum amounts on your credit cards, because otherwise it... read more »

When Someone on Your Account Maxes Out Your Card

By: Alexandra Leslie, 5/9/2018

Some people intentionally max out because they need to make a purchase and have no other access to funds. Others max out by mistake because they keep high balances and underestimate how high their interest charges or fees will be. As soon as it processes, they are pushed over the limit. If you are a credit card user, one of the worst things you can do is max out your card. Maxing out simply means spending over your credit limit. It can have terrible repercussions on your credit... read more »

Could You Be Addicted to Credit Cards?

By: John Schmoll, 5/24/2018

With one look at statistics, it would be easy to think that credit card addiction is widespread in our society. After all, when you see the average debt per card over $8,200, it is easy to see that credit cards can be a problem – but is it really an addiction? Credit cards can make buying painless When I struggled with credit card debt, it seemed so painless to swipe that little piece of plastic. It is almost a mindless act, as virtually most retailers have card readers. ... read more »

Former Credit Card Junkie Goes from “Rock Bottom” to Consumer Superstar

By: CardRates.com Staff, 10/6/2015

Credit cards offer a risky combination of power and convenience. For better or worse, millions of people use credit cards every day, so much so the average household credit card debt hovered around $15,607 last September. But what happens when you let that power go to your head? Merchants start declining your cards, debt collectors call you constantly and you're left struggling to find ways to make ends meet. If this sounds like you, you're not alone. Beverly Harzog ... read more »

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