PAY YOUR BALANCES MONTHLY That’s right – have enough money set aside for purchases you intend to make that you never carry a balance on your credit card. Basically, you are using bank’s money as leverage in your transactions – if a purchase goes bad, bank will intercede on your behalf. Keep your money in an interest-bearing account (checking, savings, or money market), and earn money while you let bank cover your purchase for 25 to 45 days.

MAKE YOUR LARGEST PURCHASES THE DAY AFTER YOUR CARD’S CLOSING DATE Every credit card has a “closing date”, or a date when bank posts all of your charges and payments and generates your statement. If you make a charge to account day after card’s closing date, you’ve given yourself almost 2 months to pay for that charge. It will be another month before bank closes your account for that month and generates your statement, and then you normally have 2 to 3 weeks as your “grace period” for payment. That’s seven weeks you can have money in your bank account earning interest for you. Having a line of credit is a necessity in our society if you intend to purchase a house, car, or other big-ticket item that requires an established payment history. Using your credit cards wisely can help you establish your credit, lets your money work for you, and gives you ability to contest charges in event you purchase a lemon without having to worry about getting a refund or finding individual who has scammed you. Just be sure that what’s in your wallet is your friend, not your master.

Yet another reason to get a payday loan is that you determine that cost is worth it to you personally. If you are headed for long awaited vacation and could use a few extra bucks to enjoy and can afford fees then you should look into this.

A final thought on when you should get a payday loan is if you need that cash and it’s free. That's right free. There are a many sites out there that charge ZERO interest to all first-time customers. One such site can be found at Low Cost Payday Loans and No Fax Payday Loans.

What to look for when getting a payday loan:

The first thing to look for is APR. Federal law has made it so that every lender must disclose cost of any money borrow through a Truth in Lending Disclosure. This must break down cost by APR (Annual Percentage Rate). This is first thing to compare loans by.

Another thing to look for is length of term. If two companies charge same rate for every hundred dollars borrowed but company A has a term of up to four weeks and company B has a term of two weeks, then go for Company A and take advantage of extra four weeks. The APR of Company A is half of Company B. The reason this differs from first item is that sometimes they base APR on a fixed amount of time (two-three weeks usually). When you read fine print that fee charge is fixed and may allow you to pay it back in a longer term such as four weeks.

The bottom line:

Do your homework when getting a payday loan and look for free to low cost payday loans if possible. The money you save can be substantial.

R Vigil Finance Consultant At Low Cost Payday Loans.INFO .

R Vigil is an author, webmaster, and financial advisor for LowCostPaydayLoans.INFO .

No Fax Payday Loans