Pay off cards with low balances. This will create some breathing room in the budget that may be needed to keep up with the higher minimums on your other credit cards.
More Quotes from Greg McBride:
You can wind up in an unenviable position, selling your home and writing -- rather than receiving -- a big check.Greg McBride
What we're seeing here is a growth in the punitive type of fees. The fees are really going to get you if you step outside the bounds set by financial institutions.
Greg McBride
In 2002, rates on both types of cards are nearly certain to rise. Even fixed-rate cards are no shelter. The jockeying around to find a low-rate card is really only half the equation, ... The real thing to do is pay down debt.
Greg McBride
It's the punitive fees that are escalating so quickly. What some banks are doing now is cutting the cost of the first bounced check so the guy who bounces a check once in a while catches a break.
Greg McBride
That difference of roughly 1.5 percentage points is enough to generate 150 in interest income that you'd otherwise leave on the table with a 10,000 investment.
Greg McBride
There's no incentive to go into that longer maturity now.
Greg McBride
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