The National Retail Federation essay

On year-ends, there is a shopping surge, especially during the holidays. Sales amounting to $475 billion in this year’s holiday season are expected by the National Retail Federation, mostly by credit as most shoppers prefer shopping using a credit card over cash transactions or debit card use. CardTrak. com has it that the average credit card debt per U. S. household last year is $ 9,659. Credit card debt figures have been on a steady growth in the United States since 1990.

Several suggestions are in place to aid us in credit card debt reduction or debt build-up deceleration. First, forward the concern to credit card companies and ask representatives for a lower interest rate for reasons of heavier credit card use during the holidays. If this measure wouldn’t work, you could still get a good deal because of industry competition. Second, get a new credit card which offers a timely 0% balance transfer by the beginning of the next year.

Cardholders paying in full every month should make sure that their card companies offer rebates or other rewards. Lastly, understand credit terms and company policies before any registration; loopholes may have been set alongside attractive offers. “People with little credit history (like those who are younger) or folks who have paid bills late recently are especially vulnerable”, claims Craig Watts, the man behind the widely-approved FICO credit score formula. Setting up automated payments, therefore, is a commendable measure for preventing late bill payments.