Make credit cards work for you, not the other way around
| | | | | November 2022 The air is crisp, Halloween is in the books and Mariah Carey’s “All I Want for Christmas is You” is hitting the airwaves on a regular rotation once again. The 2022 holiday season is practically here — and with that comes the joy of holiday gift-giving. Whether all your gifts are wrapped by Thanksgiving or you prefer a last-minute dash to the finish line, it’s no secret that holiday spending can also induce some holiday stress. In fact, last year a LendingTree survey found that nearly half of all Americans actually dreaded the holidays because of the costs associated with them. But don’t let that stress rob you of the joys of the season — below, we offer some tips to make your holiday shopping go down a little more easily. —Ismat Mangla, Editor Take advantage of credit cards for your holiday shopping — without letting them take advantage of you You can get a lot out of your credit cards for holiday purchases — as long as you know the rules and strategies for using them. Keep in mind these five tips for using a credit card during your holiday shopping: | | Take advantage of credit card rewards to extend your budget | | | Pay off your charges ASAP (which boosts your credit score, too) | | | Avoid store cards — they come with higher interest rates | | | Be realistic about your budget and plan ahead | | | Consider a balance transfer credit card with a 0% promo period | Find the full scoop on these five tips at our website. Pro Tip “Generally, it’s wise to avoid store credit cards. If you’re 1,000% sure that you can pay them off at the end of the month, they can be useful because of the discounts and perks. However, steer clear of these cards if you’re likely to carry a balance. They tend to have higher interest rates than regular credit cards, and that’s something in today’s sky-high-interest-rate world..” —Matt Schulz, chief credit analyst at LendingTree | | What to know before using "buy now, pay later" loans for your holiday shopping It’s impossible to shop online these days without being offered the opportunity to use a "buy now, pay later" (BNPL) loan to pay for your purchases — and the offer can be very tempting. BNPL loans, also referred to as point-of-sale financing, can help you afford big purchases by breaking them into smaller payments over several weeks or months. But read the terms carefully before going with this option. If you’re late on a payment — and 42% of BNPL users have been late at least once — you can trigger expensive late fees and your credit score can take a big hit. “A single late payment on your credit report can take 50 or more points off your credit score,” Matt Schulz, LendingTree’s chief credit analyst, said on the Today show earlier this year. And that can hurt your ability to get affordable loans and credit in the future. BNPL financing can also make it easy to overspend — so just make sure you have the funds to fully cover your BNPL purchases. | | Selling your home this winter? Here’s how to make the most of it Spring and summer may be the traditional home-selling seasons, but that doesn’t mean that the market stops in fall and winter. If you are selling your home in the colder months, we offer some tips on what to expect and how to make the most of your selling experience: | | Be patient. Your home may sit a little longer than it would in the summer. | | | Showcase your home. If the market in your area has slowed down, you’re going to need to up the “wow” factor on your home. That might mean playing up strengths, like energy efficiency, or putting more effort into your home’s curb appeal. | | | Be prepared to offer concessions. You may need to pony up closing costs, for example, if you want the house to move quickly. | | | Don’t get discouraged. There are plenty of people looking to buy a home — as long as your house is reasonably priced and you’re willing to negotiate a little, the right buyer will find you. | From the experts "Plenty of homebuyers are still on the market outside of the spring and summer, and it can be a good idea to sell a home during the fall or winter. But if you list your house during that time, you should expect it to potentially sit on the market for a little bit longer than it would have if you had sold earlier in the year." —Jacob Channel, senior economist at LendingTree | | | |
No comments:
Post a Comment