National Credit Federation is a credit restoration organization based out of Tampa, Fl.
We've put together this video series to inform consumers on the best ways to improve your credit rating.
The information in "Tip 1 of 10: Pay Down Credit Card Balances" is published on: http://nationalcreditfederation.com/top-10-ways-improve-credit/
The higher your debt-to-income ratio is, the lower your score. And what many people don’t stop to calculate is the full cost of maintaining a credit balance. Running a credit balance translates to interest charges, and American consumers pay nearly $100 billion in interest on credit cards per year.
“Pay down your balances, and keep those balances low,” Pamela Banks, senior policy counsel at Consumers Union, suggested.
If your credit card has an annual percentage rate of 15 percent, it will have a daily rate of .041096.
Assume a cardholder has a balance of $1,000 at the 15 percent APR standard interest rate. The next day, interest is ...