Your credit card and your home loan
Thursday September 11, 2008
If you have been relying on your credit card to help you get through a tough time for your home loan, you may have even tougher times ahead. While home loan interest rates have dropped, the interest rates on many credit cards remain high and some credit card issuers have even raised rates higher. This means that if you racked up a large credit card debt while interest rates have been higher, you are likely to continue to suffer despite the drops in home loan rates.
The best way to use a credit card is as a convenient alternative means of purchasing things that you repay before interest can be charged. Seeing a credit card as a line of credit is the path to massive credit card debts, so if you ever think you must rely on a credit card in order to keep up to date with other debts, it may be time to seriously analyse your current financial situation.
Please visit our comparison page to compare home loans and mortgages or to find a home loan lender with whom you could refinance your current home loan.