Till have a century ago most families lived within their means and took a loan only when there was a financial emergency due to unexpected events. With the advent of credit cards, the number of people in debt has increased rapidly. While credit cards are very convenient as the user can make purchases without carrying large amounts of cash and does not have to repay the amount immediately, they are often misused.
The interest rate on the balance due on credit cards is the highest compared to all other debts, so it is advisable to pay off the due amount on the credit card at the earliest. Before selecting a credit , it is advisable to compare credit cards from different banks to find the card with the best terms. The offers differ depending on your credit rating, income and other conditions, so you should check all options.
By selecting a low interest credit card, you can save a substantial amount. Many banks offer credit cards with zero APR for an introductory period. They also allow you to transfer the balance from another credit card. However, you should also check the annual fees and the normal interest rate before taking a decision.