Your situation
Practical advice
Some practical advice:
- Did you know that a $ 10,000 balance on your credit card at 19.9% interest, will take 885 months (74 years) to repay if you only pay the minimum required (2% of monthly balance). The interest paid would then be more than $ 47,000! (See Credit Card Calculator)
- Avoid impulse purchases. Ask yourself if you really need the item. Ideally, try to postpone the decision for a few days. You never know, you may find with hindsight that you really don’t need the item.
- Avoid “Buy now, pay later” - type purchases. Instead, take advantage of the discounts that are granted when you pay cash. If the merchant does not offer a discount for a cash purchase, shop around. Competitors often will.
- Comparison shopping is intelligent shopping.
- Always take advantage of sales, discounts, coupons, etc. provided the item fulfills a real need. • Learn about the merchant’s policies regarding the terms of exchange, refund or set aside. • Always keep your receipts and guarantees.
- Assess the quality of the goods (manufacturing, brand, standards).
- Never be influenced by advertising.