A credit card can be a great tool to repair your credit. However, it can also hurt your credit if you don't know how to do it the right way. In this article, I will show you how you can use a credit card for credit repair.
Avoid Electronics and Gadgets. When it comes to cashing in those rewards for an LED TV or DVD player, you should think twice before cashing in those points. If you were to add up all the money for the points earned, you most likely pay three times or more than the actual cost of purchasing it at a retail location.
Home equity loan: Home equity loan could be another option for paying off credit debt. Even though you would be putting your home at stake, the interest rate on home equity loan would be much lower than the interest rate on your cards.
A few years back, there was the story of the merchant who had purchased one of the first credit card terminals, the VeriFone Zon Jr. XL, which was very expensive. He had heard so many stories about his fellow merchants getting swindled on terminals that he vowed never to buy another terminal again.
You get the benefit of having the information about your payments sent to the credit reporting bureaus. A debit card cannot help in this area. Now it is up to you to decide, debit or credit, which is best for you?
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