With credit card debt being at an all-time high, it is not surprising that many cardholders are choosing to cancel some of their cards to avoid debt and simplify the management of multiple credit accounts. Repaying a large amount of debt and repairing the credit score after being a victim of credit card debt can be a process that takes years to complete. Thus, many cardholders choose to simply close their credit accounts, rather than risk accumulating even more debt in the near future. Although this may seem to be the wisest decision, there are several factors that need to be considered before a credit card account is canceled.

Current Interest Rates

While low interest rates may seem useless to an individual who is in debt and cannot afford to make credit card repayments, they are an increasing rarity in today’s credit card market. I

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One of the main difficulties associated with managing multiple credit cards is attempting to synchronize repayments and keep account balances organized efficiently. In fact, some credit card holders have difficulties synchronizing a single credit card payment due date with their salary payments and their regular monthly bills. One aspect of budgeting which is often overlooked by novice cardholders is timing, as bills need to be paid on their due date to avoid fees and interest charges being incurred. For individuals who are having trouble synchronizing their salary/pay checks with credit card repayments, changing the payment due date may be the best solution.

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Research by the Post Office has revealed that consumers in the UK spent more on their credit cards in January to get them through the month, especially as many salaries had to be stretched over a six-week period with people being paid earlier in December.

It was found that over 11.5 million people used their credit cards last month, with 10 per cent of those who used their card saying that they had done so because of the longer period between paydays . It was also found that 11 per cent of people admitted they had overspent at Christmas, pushing them into using their credit cards to fund everyday essentials in January. Read full article…

With credit card companies desperately vying for the attention of prospective customers, there have never been more rewards credit card offers available on the market. Fortunately, the majority of rewards credit cards provide some form of benefit or discount which can be extremely advantageous when one is planning for or is enjoying a vacation. The following are five ways that a rewards credit card can save money on a vacation.

1. Gasoline Discounts

Some credit cards, commonly known as gas rewards cards, provide a specific rebate percentage for each gasoline purchase. At the end of the rewards period, a check or certificate is mailed to the cardholder for the total amount of all of the rebates applied to the account during that year.

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A consumer watchdog has claimed that credit card companies are regularly giving clients false or misleading information when they call to make a claim inquiry.

Research conducted by Which? noted that Tesco and Nationwide were particularly poor while HSBC staff were most unhelpful.

Peter Vicary-Smith, Which? chief executive, said: “It is not as if the rules on credit card claims are complicated. This situation is unacceptable – companies must accept that advice really matters.”

He added: “Consumers are potentially missing out on money they are owed because they have been misinformed. The industry must know the rules, and it should not be up to the consumer to remind them of their rights.”

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