Susie Skog knows Lake Norman Real Estate Inside Out

The typical credit card charges about 16 percent interest per year on balances, effectively adding $16 to each $100 in expenses that are left on a credit card. Some charge as much as 29 percent if youre late on a payment and have to pay penalty interest.

Avoiding a credit card balance by paying the bill before the due date each month is the best way to avoid such extra charges"but thats rare. For every five credit card accounts, more than three carry a balance from one month to the next, according to a Federal Reserve payments study.

Here are some ways to avoid paying credit card interest:

Know the Grace Period
Most people think they only have a month to pay off a credit card bill. By knowing their cards grace period, they can see how much more time they have. A grace period is the time allotted to pay off your credit card bill without incurring any interest. It starts on the last day of your billing cycle and runs through the due date for that cycle.

Knowing what your credit cards billing cycle is can give you about three more weeks to pay off purchases. The key, however, is not forgetting what the payment due date is and paying the full amount by that due date.

For example, a credit cards billing cycle may start on the twenty-third of one month and end on the same day a month later, such as May 23 " June 23. The payment due date could be July 17. In this case, the grace period might be June 24 to July 17"about three weeks long. Instead of having a month to pay the bill off, you now have about seven weeks.

Pay as You Buy
If you really want to be diligent about avoiding interest charges, pay off charges on your credit card as soon as you make them.

Credit card companies are happy to accept payment at any time, even multiple times in a month. So, every time you make a purchase with your credit card, immediately transfer money from your bank to the credit card company for the same amount. You can often do this through your credit cards app on your phone, or you can set up weekly payments of a certain amount if you expect to make a certain number of purchases per week.

Pay in Full Each Month
Paying off the credit card bill in full each month is the best way to avoid interest charges. Do whatever it takes to pay it by the due date. Send yourself email and other alerts, keep track of purchases to ensure you have enough money in your checking account to pay the bill, and stick to a budget.

Published with permission from RISMedia.

Owing more on a car loan than the car is worth"called being upside down on a loan"can make buying a new vehicle difficult.

The negative equity can mean getting less for your old car at trade-in, or coming up with the extra money to pay off the old debt. Cars depreciate quickly, so the urge to switch to a new car after a few years can leave you with an older car thats worth less than the loan.

There are still ways to buy a car when you have an upside-down loan; however, theyre not too appealing.

First, you’ll need to know how much your car is worth. If you owe $20,000 on a car thats now valued at $15,000, you have $5,000 in negative equity, which means that you’re upside-down on the loan.

You can find the current value of your car at a site such as Kelley Blue Book, or even ask a dealer to give you an estimate.

If a dealer gives you $15,000 on a trade-in, youll have to come up with the $5,000 difference to pay off the old loan.

Some car dealerships may say theyll pay off your old car loan, even if it has negative equity. But the Federal Trade Commission warns consumers to be wary of such a promise, as the negative equity may be quietly rolled into your new car loan. Check the loan documents to make sure the $5,000 in the example above isnt added to the new loan or deducted from your down payment.

Other options for dealing with an upside-down car loan include:

• Postponing your purchase until the old loan has positive equity by making extra principal-only payments.
• Selling your car yourself to get more money for it.
• Keeping the length of your new car loan short. If negative equity is rolled into a new loan, a longer loan will take more time to reach positive equity.
• Looking for cash-back rebates and other incentives when shopping for a new car that could help cancel the negative equity.

Getting stuck in a cycle of upside-down loans because you want the newest and most modern car every few years can make your financial life difficult. Consider the long-term implications of taking out a new car loan for five years or longer, and whether or not youll want to keep your car that long. If not, you may want to look for a less expensive car.

Published with permission from RISMedia.

Owning a pet can teach children important values that can help them throughout life.

Giving and receiving unconditional love can teach acceptance and build self-confidence and trust.

Recognizing and addressing a pet’s needs can build responsibility and compassion.

Teaching a pet a new skill can help kids with patience and perseverance.

Understanding how animals communicate can help children understand human nonverbal communication.

Growing up with pets can teach kids not to fear unfamiliar experiences.

The death of a pet can help children learn to grieve in healthy ways.

Before you get a pet, consider the amount of time and money required to care for it and your family’s lifestyle.

Published with permission from RISMedia.

If you’re the proud owner of a hardwood floor, you may be engaged in a constant cleaning battle. Hardwood looks best when it’s buff and gleaming, but with a busy schedule, it can be hard to keep the floors sparkling at all times. Below are a handful of tips for quickly cleaning your wood floors.

Clear the space. This may seem obvious, but it’s an often-overlooked step in the cleaning process. Clear your furniture (picking it up, not dragging it) so you can access the full plane of your floor.

Vacuum. Use a vacuum to pick up surface dirt and pet hair that will interfere with your mopping. If your vacuum has a crevice accessory, put it on and get in the tough to reach spots, like corners and baseboards.

Mop. Going with the grain, mop your floor from wall to wall, including your baseboards. If your floor is sealed with polyurethane, you can use simple dish soap for a little extra cleaning oomph.

Buff. Using a clean cloth or dry mop to buff the floor until it sparkles. Once fully dry, replace the furniture and enjoy.

Published with permission from RISMedia.

Published with permission from RISMedia.