financenu

Therefore, on your credit card too the limit has been reached – I've been there! This is not just a normal financial hiccup, however, you have to mean, that some consequences can heighten the situation. 1. High-Interest Charges: Having a balance more than your debt credits( a.k.a. maxing out your credit card) is a problem because in most cases it will accrue interest charges. The l ow-interest rate credit card usually is soaring, and if you can’t pay up the borrowed amount within a month, you could be in a debt situation.  2. Negative Impact on Credit Score: Although the amount of credit that you're using compared to your total available credit is not the only factor, it is one of the most important pieces when determining your credit score. Proceeding to fully utilize your credit card would cause the utilization ratio to skyrocket, and in response, your credit score would fall. 3. Overlimit Fees: A lot of credit card agencies charge you overlimit penalties so you go over yo