Manage Your Credit Card Bills

In some ways, credit cards are a good thing.  Credit cards help us pay for things when we are low on cash, or pay for an unexpected expense.  Using credit cards properly also helps us build our credit history and increase our credit score.  A strong credit score helps us get lower interest rates when we got to buy a car or house.

But banks and retailers have become very aggressive at getting us to use our credit cards for more and more expenses.  If we don’t pay off our balance on time, they charge us interest, and if we miss a payment they charge us late fees.  Both of which are good for the banks and retailers, but bad for the consumer.

According to Debt.org:

  1. More than 189 million Americans have credit cards
  2. The average credit card holder has 4 cards
  3. Each household carries an average of $8,398 in credit card debt
  4. But for those that don’t pay off their credit card bill each month, the average credit card debt is $15,609.

Did You Know?

Budget Game Tip: For the purposes of this budgeting game, your credit score will only go up if you USE your credit card each month. It will go up more if you fully pay off your credit card before the bill due date.

Facts About Your Credit Card

Now that you know a bit more about your credit card, close this window to continue the game!

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