5 Common Credit Card Mistakes for Hong Kong Card Holders
5 Common Credit Card Mistakes for Hong Kong Card Holders If you want to be responsible about your credit and finances, it is important for you to avoid common credit card mistakes that cardholders usually commit. According to the May 2016 survey conducted by the Hong Kong Monetary Authority, there was an increase in the combined delinquent and rescheduled ratio in the credit card lending industry. Although the increase seem small at 0.35%, it is still a bad omen for card holders. This shows a lack of responsible use and ownership when it comes to credit cards. If you add to that the charge-off amount increase of HK$ 14 million in the same quarter, you would think that a lot of credit card owners have a lot of learning to do when it comes to credit management. The thing is, committing credit card mistakes can bring about a huge impact on your finances. Failing to pay your cards on time can rack up a lot of penalties and charges. If that is combined with the effect of the high-interest rates on your cards, your balance can quickly bloat and become unmanageable. When you continue missing out of n payments, you
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