How One Night Out Can Lead to Months of Payments
It’s easy to swipe your credit card for a night out or a spontaneous purchase. But those small purchases can quickly add up to big debt. Here’s how to manage credit card debt and avoid the trap.
The Hidden Cost of Small Purchases:
- High Interest: When you carry a balance, interest adds up quickly. What seemed like a small expense could end up costing much more in the long run.
- Debt Snowball: Carrying a balance month to month means you’re paying off interest before you even start on the principal balance.
How to Avoid Credit Card Debt:
- Pay in Full: Whenever possible, pay off your balance in full each month to avoid paying interest.
- Consider a Personal Loan: If credit card debt is already piling up, Great Meadow Federal Credit Union’s personal loans offer lower interest rates that can help you consolidate and pay off your debt faster.
At GMFCU, we’re committed to helping you manage your finances responsibly. We offer financial guidance and personal loans to help you avoid the pitfalls of credit card debt and keep you on track.
