Better Late Than Never?

That's a phrase that you should eliminate from your vocabulary when it comes to eliminating your credit card debt. While there is some truth to the old adage, the credit card companies would lead you to believe that everything's going to be alright.

Here is three reasons why you should strive to make your payments on time:
* Late Fees - when you are late with a payment (the credit card companies are getting more and more strict about reception of "their" money) you can be hit with a late fee from anywhere to $10 all the way up to $49. If you carry five credit cards, that could add up to an extra $247 a month or $1,225 a year. This extra money does not to help lower your balance, but it does help make the credit card companies some extra pure profit.
* Higher Interest Rates For All - Being even a hour late on some cards will "allow" the cards to raise your interest rate, sometimes over 20%, even if you thought that you were enjoying the low introductory rate. More money for them, less freedom for you.
* Credit Scores - One of the factors that goes into a credit score is the timeliness of your payments. Make those payments on time, your assumed credit risk stays lower and you can end up saving thousands of dollars on loans, particularly with big-ticket items like a house or car.

You should know what your credit score is, and it is much easier today than it was twenty years ago. You might try places like freecreditreport.com.