Thu, Nov 26 2009
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Creditors taking harder look at loans By Cathy SpauldingPhoenix Staff Writer A conservative approach to credit pays off, financial advisors agree.
One way to do that is to pay off credit cards, which could charge around 17 percent interest, Condley said. “Look at what your debts are and see what rate you’re paying,” he said. “If you’re a homeowner, see what you can save with a lower interest rate, if it is at least 1 percent, run a scenario and see if you can take cash out and pay off some of the credit cards.” Condley said some customers run up $9,000 on their credit cards. McGraw said she used her tax refund to pay off credit cards. She said the one thing she has spent her credit card on was airline travel to California. “I’m very localized,” she said. “I’m blessed because everything’s close. Other ways to deal with a credit crunch is to have a savings plan and set aside luxury purchases, Haring said. “Weigh necessity versus desire. See what’s necessary and delay luxury items to later.” 
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