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Grace Period >> Back to glossary

When you are running into financial difficulty one of the first things you may be interested in is your grace period that is applicable to your individual debts. This can refer to a variety of things in the finance world. Mostly though it will be in reference to the time period where you would not have to pay interest on purchases that you bought with your credit card, if you paid the amount borrowed within a certain period, which would be the grace period. So if you purchased $500. worth of items on your credit card and the contract states you have a 30 day grace period, and you paid the $500 you used on the credit card, then you would be free of interest or perhaps a lower amount of interest. Every contract is different when it comes to your creditors. This is why it is so very important to read each contract carefully.

Sometimes a grace period may be that you have a certain amount of time to catch up on a payment if you were late, although this is rare. If you are a credit card holder then being credit savvy would certainly mean clearing the amounts owed for your purchases during your grace period. This way you would be using someone else's money interest free. Most likely though, you are still paying for some of the other credit card privileges. So if they don't get you one way they will get you another.

A grace period is really a hook to entice people into a false sense of security when it comes to building credit card habits. If you have found that your good intentions to use your credit cards by remaining within the grace period options as led you to a debt crisis, then we here at DebtCafe USA can help. Just fill in our no obligation request for quote form. You will then have access to some of the finest debt resolution problem solvers that are available today.

Contact our counselors by filling in your contact info below. You are under Absolutely No Obligation, but if you like Your new reduced debt payments, you can discuss enrolling in one of the debt and credit card consolidation Programs.

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