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Can Harrison Funding Help You With Your Credit Card Debt?

Building your credit and making sure you rack up those rewards on your credit cards is great for your finances. It’s when you go overboard and get into debt that you can’t handle that those rewards don’t seem as fantastic and your credit score takes a plunge.

Once you’re in debt or over your head with your credit card bills, then it’s time to turn to Harrison Funding for a debt consolidation loan to help get you back on track. If you’re just starting out with your credit cards and building your credit, then you need to be careful what you charge to that nifty little card in your wallet. Below, you can find a few things that you need to avoid charging, as they can lead to higher interest rates and big fees that will cancel out any benefits you’re seeing. Check them out on Facebook for more information.

Your Mortgage Payment

If you’re ever wondered if you can pay your mortgage payment with your credit card, the answer is maybe. Most mortgage companies won’t allow you to pay the mortgage with a credit card, but even if yours does, it’s not a good idea. Paying your mortgage with a high limit card can lead to higher interest fees than you want to handle. You’ll be charged interest on your mortgage, then turn around and be charged interest on the payment from the credit card. Double interest just isn’t worth it, unless you absolutely have no other choice. 

Your Own Small Indulgences

It’s super convenient to take out your credit card and charge that latte at Starbucks or a burger and fries at the local fast food joint, but is it really a good idea? The problem with this is that your credit card balance could easily spiral out of control and the next thing you know you’re over your limit and have nothing to show for it, but high interest fees. Instead of using your card for those little indulgences, consider using cash, you’ll be glad you did when the first of the month rolls around and you get your credit card statement. 

Bills for the House 

Can you use your credit card to pay utilities or other household bills? Sure, you can, but should you? Not really. While it’s convenient and easy to set up those bills online to come from your credit card, it’s easy to get in trouble with this method as well. If you’re one of those people who doesn’t keep up with your balance, you can easily go over the limit when paying those bills and land in a heap of trouble. It’s best to link your debit card to these bills. Just make sure you keep up with it, because you can end up with hefty overdraft fees if the money isn’t in the account when a bill comes out.  

College Tuition 

Anyone who has ever made a payment to a college knows that college tuition is super expensive. If you’re a broke college student, it might be super tempting to put your tuition payment on your credit card, but it’s a really bad idea. Unless you have a job that gives you a steady paycheck you have no guarantee that you’ll have the credit card payment when the bill comes due. This could easily mess up your credit before you even get a foothold in the adult world. Resist the urge and find another way to pay your tuition, you’ll be glad you did when you’ve graduated and have good credit to go out into the real world with. 

Any Type of Down Payment 

If you can’t afford the downpayment on something you want, it’s never a good idea to put it on your credit card. It’s best to save for it, or at least get a loan to pay for it instead. Having to use your credit card to pay a down payment for a car probably means you can’t afford the downpayment or the car at the moment anyway. 

These are just a few of the things that you shouldn’t charge to your credit card unless you have no other choice. There are other ways to pay for these things, you just have to know where to find them.