Catherine has been trying for several months to get a credit card with low or no interest rate. She is very happy that the bank has finally given her approval, but it does make it a little bit harder. The reason why the bank approved her in the first place was because she had no debt and she didn’t have a job, but she can’t really afford another credit card either. The bank will require her to have at least $100 in disposable income before they will consider giving her a credit card. Since her income is so low, she is stuck in a rut of trying to pay bills one month and then going to the next month when she finds that her income isn’t quite up to the mark.
Because she can’t work and make ends meet, her expenses keep going up, as do her debts, and so the monthly payments just keep getting bigger. When she does finally get approved for a credit card with a low or no interest rate, it means more of her money goes toward paying down her debts, and that will mean more of her money to go toward her credit card bills. But she can’t really enjoy the convenience of that.
So she does what she has always done in the past, and that is to apply for a low interest credit card with no fees, and use it every time she needs to pay something off. It works great until her interest rates suddenly rise again.
She was shocked when they suddenly began to go back up after only being raised a few points and the fees associated with them. She was even more surprised that they were coming back up even more than before. They went from having zero percent interest to four percent. And when they did start lowering the interest rates, she found out that she actually qualified for a lower interest rate in her introductory period, but that meant she would have to pay more.
The bank was telling her that she would get another interest rate reset later and she would have to pay the same amount. Catherine has no problem paying the monthly balance until her credit card has to be paid off and she has paid off the balance completely. But because she is still working and has no job, she has a hard time making ends meet, let alone spending the minimum payments.
She just turned down a card that would have allowed her to set an auto payment every month, but it was an extra service the card provided that she doesn’t want to add to her monthly bill. and she decided to stay away from that card, too. She has a lot of credit cards with different companies, but they are all low-rate and with a lot of features.
This time around, though, she was able to get a card without a credit score on it, and she used that one to pay for her new computer, which costs several thousand dollars and will not be getting a credit report anytime soon. She is so glad she took the time to get approved because it will mean that she won’t have to worry about her debt getting worse and her credit standing remaining the same.
Catherine was able to find a card that was perfect for her, and she didn’t have to put herself in a bind by trying to figure out what to do if hers suddenly went down even more. This is one situation where she will be able to shop around for a card that offers what she wants, and she will feel much better knowing that she only has to pay the minimum, instead of having to make several months worth of minimum payments. or worse, pay all of her bills with a credit card.
It is no secret that many people have credit cards, but Catherine has a lot of debt on her cards that she doesn’t have the money to pay off, and she needs to work out a plan. to pay it all off. This type of situation is not uncommon with people who have multiple credit cards, or multiple debts, but sometimes having multiple cards can be more than enough to stress someone out.
In Catherine’s case, she was able to figure out exactly how much money she owed for her cards and what she needed to spend on them each month. Now she knows how to buy those items with cash instead of credit, and she is happy she was able to keep her credit score down in order to make sure that everything gets paid off and that she won’t be in a bind any time soon.