Get Rid of Debt by Edna Ferman - HTML preview

CONTROL YOUR CREDIT CARD

W

ith today’s economy, there are millions of people in the United States who are struggling with debt. The amount of debt in the United States alone totals more than a billion dollars. It is easy to become overwhelmed with debt, and credit cards are the major factors of debt. Credit cardsare tempting to people because they often view credit cards as free money until they receive the bills. Most people don’t take the highinterest rates that come along with credit cards into consideration when they begin using them. When used responsibly, credit cards are not bad. However, they can make or break the credit scores of individuals, depending on the manner in which they are used.

TAKE CONTROL OVER YOUR CREDIT CARD

Did you know that you can save hundreds of dollars on your credit cards? Continue

reading and you will have a clear...crystal clear picture of how to save money on

your credit cards. It’s easy when you simply know how to do it.
‘ Pay off your credit card in full (if you can) each month to avoid fees and charges.

‘ Pay your credit card on time; you will save money on late payment charges, missing payment charges and/or over-the-limit fees as well as all other interest rate charges.

‘ Eliminate all your credit cards except for one:

» Close credit card accounts you are not using.
»Start a system of paying off credit cards so you will be left with only one credit card.
»Pay off the credit cards with the smallest amount due or those with the highest interest rates first.

‘ Pay as much as you can to your credit card account each month. ‘ Never take a cash advance; the fees and high interest rates usually apply to the whole amount due on the credit card.
‘ Don’t pay only the minimum amount each month if you can afford to pay more; pay as much as you possibly can and aim to shrink the balance.

‘ Interest charges are very high on credit card debt and they add up to your balance. When you pay your credit card balance, you reduce the amount you owe in interest. For every dollar you pay off, you will pay less in interest charges.

‘ Call your credit card issuer and ask for a lower interest rate. ‘ Find extra money to put toward your credit card bills. Take an extra job to pay off your credit card debt.

FOR TOTAL CONTROL – ELIMINATE YOUR CREDIT CARD!

“ Stop spending on credit cards; aim to reduce your balance every month rather than increase it.

“ Pay off more than the minimum payment due each month. “ Consolidate your credit card debt.

“ Cut up your credit cards so you are not tempted to use them. You only need one for emergencies.

“ Freeze the “emergency” credit card; put the “emergency” credit card in a plastic bag, wrap it well and secure it with a tape. Put it in a plastic container and fill the container with water. Cover the container and put it in the freezer. You are literally FREEZING your emergency credit card. Keep the container in your freezer to be used only in emergency situations.

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“ Use a debit card, or preferably cash, for all your day-to-day expenses.

It is very easy to buy with a credit card; you do NOT feel like you are spending money when you sign for your purchases. A signature does not register in our minds as actual money.

But when you are paying for things with cash (real money), you feel like you are actually spending money (because you are!). You can count the money and see right away how much is left in your wallet. As a result, you limit yourself to what you can afford and you spend only the money you have.

A debit card is similar to cash; you can spend only the money you have in your account, thereby preventing you from getting into debt.

Just imagine yourself with no credit card debt!

Set a goal to pay off your credit card; calculate the exact amount you can pay each month and set a specific DATE when you want to be DEBT-FREE.

Feel that feeling; feel that excitement of being debt-free! Save and achieve!