Have you looked at the interest you’re paying on your credit cards lately? If not, you could be throwing away money every month by paying too much interest when you could be paying more toward the principal on your card.
Unlike traditional automotive, mortgage, or personal loans, your credit card interest rate is not necessarily a fixed rate, and it can vary quite a bit from fluctuations to the prime rate to changes in your credit history or credit score. And while those changes are typically outlined when you receive updates from your credit card company, who really reads those things? Almost no one, right?
That’s why we recommend that you sit down and review your credit card interest rates at least a couple of times every year – once you know what you’re paying, you should compare your current interest rate with other credit card offerings to see if you need to switch to a low interest credit card or not.