Search Results for: blog five tips to help you stop using the credit cards

Are Credit Cards Tools or Traps?

Many view credit cards as useful tools. They can help you get something that you want now, that you do not have the money for. Others view them as a way to get cash back, or earn points for prizes, vacations and flights. It is important to realize that with the convenience that credit cards offer, also cards are also dangerous. It is important to avoid charging your wants on your credit card. If you are paying for your wants with cash at the beginning of the month, but charging your groceries at the end, then you are still charging … Continue reading →

Are You Only Making Your Minimum Monthly Payments?

Are you still paying just the minimums on your credit card payments? If that is all that you can afford to do, then you need to begin immediately to change your financial picture. You are too close to a financial disaster. If you have the extra money, but you are not paying it, then you should step back and look at the bigger picture. Recently the credit card companies have doubled the minimum payment due each month. This will help you to get out of debt much quicker. But if you continue to pay just the minimums you are going … Continue reading →

Have You Considered Downsizing?

Have you considered downsizing in order for you to live comfortably and plan for retirement? Many people are considering doing this. It does mean several quite drastic changes in your lifestyle, but you may be surprised at how pleasant your life is as well. I live in an area where many families are moving because of the relatively low cost of living here. Here are some things to consider before you move. 1) One thing that will likely change is your job. You may have to take a small pay decrease because the median salary is lower in a lower … Continue reading →

Credit Cards and Rewards

Recently I have talked to people who use credit cards for the cash rewards. Generally when you do this you charge all of your living expenses on the card (groceries, gas, clothing and so on), and then you pay off the balance at the end of the month. This can be beneficial if you are responsible enough to pay off your balance in full at the end of every month. If you do this you need to be extremely disciplined and follow these guidelines. 1) There are so many credit cards available with cash back rewards that there is no … Continue reading →

Credit Cards: Yes, You Can

Use them responsibly, that is. If you need to put them away in order to get them, do so. If you don’t have them completely under control, follow Miriam’s advice until you do. If you’re going to put them away, it’s not necessarily a good thing to cancel them. Never cancel them when you’re in arrears! That will ding your credit score very quickly. Try to keep them open until they’re paid off. If you can trust yourself not to use them and they don’t have an annual fee, you’re better off keeping the accounts. When you close them, it’s … Continue reading →

Credit Cards: The Best Ones for Debt Transfer

So, you’ve read Miriam’s blog about getting a handle on your credit cards, you’ve asked for a lower rate from the companies you still hold cards with, and now you’re ready for the next step – transferring the debt you do have to zero interest or low interest credit cards. Be forewarned – if you do this and don’t change your spending habits, it’s just a step toward more debt. This is a step in debt reduction, not in increasing your available credit, though it will likely have that effect as well. Unless you’re worried that you won’t be able … Continue reading →

Credit Card Debt

Last month, Miriam wrote a very good blog on Five Tips to Help you Stop Using Credit Cards. It’s very interesting, and good advice for those who need to get a handle on their spending (which would be the overwhelming majority of us!) If you have a lot of debt, you may want to add another couple of steps – first, negotiating a better interest rate. Some night when you’re not stressed, take out all your cards and their statements. Arrange them from high to low interest. Is there a big range? Assuming that your credit isn’t in shambles, you … Continue reading →

Adding It All Up–How Much Debt Do You Really Have?

Have you sat down and actually added up how much money you owe to creditors? This can be eye opening to people. You may want to leave out your original mortgage, but if you have a home equity line or second mortgage you should include that amount in your total. This would also include what you owe in student loans, and on your cars. It the number manageable. Is there anyway that you could pay this off in a year? Or is the number higher than what you bring home in a year? Adding up your total debt can be … Continue reading →

Five Tips to Help You Stop Using the Credit Cards

Have you told yourself that you need to stop using the credit cards, but find yourself pulling them out anyway? Each month you promise yourself that you are going to start paying back the cards, but then find your balance steadily increasing? Here are five tips to help you stop using those cards. 1) The best way to stop yourself is to stop carrying the cards with you. If you do not feel safe without a credit card (to pay a tow truck or to handle a similar emergency) then carry one with a very small limit, so you will … Continue reading →