Credit Requires Attention
Do you use your card frequently? Every merchant is pushing consumers to use their credit card for services. Using your credit for services will cost a lot of money if you only make minimum payment. I challenge you to add up the interest you pay and see.
Despite the convience of using a credit card, you may be losing money if don’t remember all of your charges. Keeping up with your charges means saving all of your charge receipts. Did you realize when you use your credit card for services you are paying 15% or higher interest on bills you would otherwise pay no interest?
To stay in contol of your spending and save hundreds of dollars in interest you need to pay ( cable + cell+ internet+ gas+ grocery+ clothing+ entertainment etc. + interest) the same amount each month as would if you had no credit card. I hope you get the point.
When you apply for a mortgage, lenders considers your balance and the amount you pay toward the balance each month. Lenders prefer that a consumer use less than 50% of the available credit on the card. Credit is going to tighten up or lenders stand to lose a lot of money. The new credit card laws are in effect now. Make the new laws work for you, don’t you work for the news laws.
Finally, Stop literally gaving away money that you could use to do other activities. Don’t back yourself into a corner. Survive in debt and don’t let it take you down. Debt can sneek up on you before you know it.
~The Debt Survivor~
