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5 lessons I learned from relying on credit cards while I was unemployed - Business Insider

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If I could go back in time, I'd get a credit card with low interest rates or an intro APR offer sooner.

going into unemployment, and I would try harder to keep my spending under control.

I could have saved hundreds of dollars by relying primarily on the credit card with the lowest-interest rate. Even better, if I'd applied for a Looking back, I wish I would have taken advantage of these offers. I could have applied for one before quitting my job, and that way, I would've been able to rely on credit cards during my period of unemployment without having to pay interest fees.

because it offers a 15-month 0% APR introductory period with no balance transfer fee . I transferred all of my credit card debt to the Chase Slate and set up automatic monthly payments, but I still wasn't able to pay it all off before the introductory period ended.Citi Simplicity® Card 4. Paying off your debt on time and keeping a low debt-to-credit ratio is crucial to protecting your credit score

One thing that helped me keep my debt-to-credit ratio under control was the fact that I went into unemployment with a lot of credit cards, several of which had pretty high credit limits. The ratio of your overall debt to overall credit limit should ideally remain below 30% — mine crept up beyond that, but it never went above 50%.

 

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