With Rising Rates, Credit Card Users Need to Adopt More Prudence Strategies, Says Strahan McNeil Partners

New York, USA – What applies to building up good savings applies well to credit card spending as well: a penny saved is a penny earned. With rising interest rates, and especially when annual percentage rates get determined by credit scores, it makes sense to be more cautious in buying and using credit cards over the long term.

A few simple rules can save a lot of money and prevent those irritating collector calls from ever coming in. Firstly, one can attempt to pay the dues within the grace period itself and avoid any additional interest payments. A good credit score is a result of timely payments, and this can be used to get a lower percentage rate than usual.

With finance rates expected to continue the upward trend, one should also avoid taking out cash using credit cards, as these always attract heavy interest rates. Cash advance fees have been reported to have increased by more than 50 percent in the last five years alone. Finally, balance transfer schemes should be analyzed carefully to ensure there aren’t any surprises at the end.

“With credit cards, we are spoilt for choice, but they can always give us a nasty surprise with heavy dues if we aren’t careful with what cards we have bought and how we go about paying dues over time,” says Strahan McNeil.

Strahan McNeil Partners is a New York headquartered finance firm which operates a global network of over 560 finance professionals redefining their traditional role as ‘financial technicians’. The firm offers specialized financial services that handles audits, restructuring, structured finance, and mergers and acquisitions. Focused on turning knowledge into value and advantage for its clients, Strahan McNeil Partners provides clients with wide ranging financial and accounting services that meet globally consistent norms.

Strahan McNeil Partners is today playing a new role in the capital markets, supporting positive reforms that would strengthen credibility and confidence. The firm actively takes up social responsibility, making it part of its central, working agenda so as to make a real difference to the communities it serves.

For more information, please visit: www.strahanmcneil.com

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Company Name: Strahan McNeil Partners
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Website: http://www.strahanmcneil.com/