Despite the fact that more Canadians are making debt repayment a high priority, more than half
still carry a balance on their credit cards.
Not exact matches
By contrast, should you
still be
carrying a
balance on a deferred interest
credit card at the time the no - interest period runs out, finance charges will be applied retroactively, back to the beginning of the promotion period.
If you tend to
carry a
balance on your
credit card, you may
still want to hold a travel
card for its benefits, but you'll likely pay less interest
on charges made to a
card with no rewards.
If you
carry balances from month to month, you can also rebuild your
credit score by paying down the
cards with the highest utilization rates first, but very important you
still need to make
on - time payments of at least the minimum due
on on all your
credit cards if you choose to do this.
This is the oldest
card I
still have as a shiny Quicksilver with a $ 6,500 CL Today my overall
credit lines exceed $ 200,000 after only being here for 4.5 years and I never ever
carried a
balance on any of them.
Even if half of these were people who didn't need motivation (it doesn't say if these were people who always
carried balances or all
credit card users — if the latter, some surely paid off their
cards every month already), there are
still a large percentage who were not motivated by the fact that leaving a
balance on a
credit card is a bad, bad idea.
Even after always paying
on time (I also never
carried a
balance over to the next month), they
still refused to convert it to a regular
credit card.
However, given the $ 1 trillion of
credit card debt
still outstanding, your average cardholder is
still carrying quite the
balance — and likely paying interest
on it.
But qualified applicants can
still find interest - fee - free ways to
carry a
balance on their
cards with a little research and a sweet low - interest
credit card offer.