Ask any financial expert for the most important rule in smart credit card reward strategy, and they'll probably give you the same response: Pay your bill in full every month.
Ask consumers about their holiday plans, though, and a big chunk will tell you something very different: They are going to make this season merry and bright and figure out how to pay for it later.
In fact, in a recent holiday shopping survey by Equifax, 33% of shoppers indicated that it takes a month or more to catch up on paying for holiday purchases, and 19% regret their holiday purchases when they receive their credit card bill.
Debt is a very dangerous slope, particularly with the average interest rate on credit cards in the 15% range. Introductory 0% APR offers might be a tempting option to spread out payments over time, but that may involve applying for a new credit card.
To help avoid a troubling cycle of minimum payments, there are three bank programs that operate on a buy-now, pay-later model. If you must buy something this holiday season that you will need some extra time to pay off, consider these more affordable options.
Learn more here.
