It's not just your card payments you have to keep up.
If you miss a payment on your mortgage, or your car or any other financial payment, your credit card companies can re-assess your credit score and increase your interest rate accordingly.
If you therefore miss a loan payment on your boat or car, but still pay the payments due on your cards, you can find that your credit card interest charges jump to 2 or 3 times the original rate.
Credit card companies are today making record profits from you.
If you don't pay your cards in full each month credit card companies make the majority of their profits from you and a substantial portion of that is in the additional charges they levy.
It makes little or no sense to keep money in the bank earning 5% maximum and pay 29.9% or 19.9% or even 9.9% on your cards. Pay off the card and use the card for emergencies rather than the savings. Without the card payments you will be able to rapidly replace the savings.
Without your knowing credit card companies can hold you hostage at the very time you may really need financial assistance. Don't allow credit card companies the continuing opportunity to make record profits at your expense, and at the same time the opportunity to benefit from any misfortune.
If you can pay the balance off withing 3 to 6 months do so otherwise consider some form of consolidation loan to remove the noose credit card companies have around your neck.
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