I don’t like opening a new line of credit for any reason. I paid the entire bill off before the billing period ended so that I wouldn’t be charged any interest.
This is the secret to responsible credit card use.
Now days, many companies are charging VERY high interest rates on their credit cards. It would be best if you did not run monthly balances on your credit cards.
The interest is just plain not worth it. I feel your pain, if you are one of those people who is stuck with a whole bunch of credit card debt and you keep getting into situations where you add more.
This is something that you absolutely must stop right away. It is a path to a bad end.
The road to recovery will also be painful. But there is no point in putting that pain off until later. You’d better start right now and dig yourself out of that big hole you have created.
It could mean saving and scraping every penny. Give up on cigarettes, drinking, and other vices. Aside from saving the cost of those vices, you will also be doing something good for your body.
If you are a coffee shop junkie, it is time to give that up as well, at least until your credit card debts are paid off.
You may have heard this advice before, but it is worth repeating:
1. Take your highest interest card and pay that one off first.
2. Take the next highest one and pay that off as well.
3. Move on down the list until you have all of them paid off.
Think Extra Income
Think about picking up an extra part-time job. You might also consider doing short contract work. Even if you think there isn’t work you can do available, you might be surprised.
There are people who are willing to pay for work over the Internet. You’ll want to go through a respectable third party company that will ensure you get paid for your work.
Between cutting back on your expenditures and picking up some extra work, you might be surprised at how much of a dent you can make on those credit card bills.
Pay off your bills at the end of the billing cycle, do not carry a balance.
If it is too late for that and you are already carrying excessive balances, you must pay them off before things get worse.
Once that is done, then you want to work on building up some savings, a cushion to protect you from short term cash needs that might be tempting to use your credit card for. Now is the time to start working on the problem.
You may also be interested in reading: Using Secured Credit Cards to Build Or Rebuild Your Credit
If it is already too late, you might find Jimmy’s credit repair story interesting.
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