Money Talks August 2021 | WEARESUMA

The Trampas of Credit Cards

The Trampas of Credit Cards

The price of your sister’s Quince dress 👗 may feel expensive even for an intergalactic queen. 🪐 But if you’re offering to put it on your card, make sure to pay it off in full! 👍

Credit cards can be a great alternative to dinero💰 but not paying your entire balance, each month, could have dire consequences for your galaxy…er, credit score. 📉 Experian reports that the single most important factor in credit scoring is whether you make all your payments on time. This shows that you manage debt well, helping to increase your credit scores.📈

Credit cards also often have high interest rates.💸 Depending on the rate, you’ll save an average of 10-29% per year in interest by paying in full.😮 If you feel overwhelmed, calling your card company and negotiating a lower interest or even trying to get some debt forgiven is a good way to go. As Padmé and Anakin say, “aggressive negotiations.”⚔️

Whatever you do, don’t ignore your bills! 🤨If you do, You’ll lower your credit score and put yourself on debt collectors’ radar. 📍*gasps in Spanish*

Remember, even if you run off to a galaxy far, far away, 🚀 you can’t escape your credit card payments. So might as well make a payment plan and stick to it! Now you can enjoy the party seeing your little sister glow while you stuff your face with some birria and unlimited tacos 🌮🍻

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