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Updated: Wednesday, 12 Dec 2012, 1:52 PM EST
Published : Wednesday, 12 Dec 2012, 1:52 PM EST
PORTSMOUTH, Va. (WAVY) - Many retailers offer immediate discounts when you apply for their credit account. Sometimes these discounts can be 15%-20% off that day's purchase. Is it a good idea to take advantage of these offers while doing your holiday shopping?
-Bait creditors use to get you on their hook.
-Understand the costs.
What are some potential hazards of using these credit options
-Store cards have interest rates near and in some cases over 20%.
-Every time you apply for credit, it affects your credit rating.
-Your credit rating is affected every time you close an account.
-A lower credit score can lead to hundreds of dollars in interest expenses.
-Don't use credit carelessly.
What alternatives do shoppers have if they want to get the greatest bang for their buck
-Save for forecasted expenses.
-Simplify using credit by using one, low-interest card.
For more information, stop by any of the 15 BayPort Credit Union locations across Hampton Roads.
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