The beauty of credit cards is that they allow you to purchase items that you desperately need without using your own money. You can have many things right away without using your own money. But if you do not need something, you have to be able to control the temptation of buying it simply because the card still has available credit on it. This begins your debt management practice.
Statistics show that no one person, with a steady job, should have more than two credit cards. One should be for emergency use only, and the other may be for play. The emergency one will be great if you control it, because you will always have the funds to fix your car, if something goes wrong, or take care of that dental pain, or whatever. But you should make sure that you pay it off as soon as possible, so that it will be available for the next emergency.
Your fun card can be just that. But it will be no fun, if your balance gets out of hand. So, if you are going to use it to go to dinner, know that you will need to pay this debt off quickly. It is a loan with a high interest rate. So, if you cannot use cash, pay off your debt quickly. This way you can go out to a fancy dinner again next month.
When things get out of hand, and they can very easily, you may need a third credit card. But this one will be to pay off at least one of the other two. And it has to make sense to do this. In other words, the third credit card needs to have a zero interest rate for at least a six month period, and you need to get rid of the card you transfer the balance from. That means that you have to cancel the first card completely. You will pay it off by transferring the balance, but you need to get rid of it completely.
Paying off the cards and getting rid of the high interest ones is the whole point. If you keep the cards in your wallet, you will probably spend on them. And this is dangerous.
Some bills always seem to come at the wrong time. You can remedy this. All you need to do is contact the creditor and tell them that you would like to due date to be just after your monthly paycheck arrives. They should be glad to change the due date to convenience you, because this way your payments should never be late.
If you do accidentally miss a payment, do not stress about it. Call your creditor and tell them about your mistake. If you have never made an error like this before, they will believe you, and they will accommodate you by deleting the overcharge for a late payment, along with any other late fees. It pays to ask, and to communicate, when you want to control your debt management.
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Tags: Bankruptcy, credit card debt, Debt, Debt Consolidation, Debt Help, debt negotiation, Debt Relief, Debt Settlement, money, unsecured debt