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I hope
you found this site useful in your search for debt. You can find more by going
to the google search bar above and typing in "debt." Google is the best search
engine. If you would like a site like this with all the links, click here.
10
Simple Steps to Manage Your Credit
Author: Mical Johnson
By far the greatest invention the banks
have ever come up with came out in the 20th century. Also the new field of
Credit Management was born with the invention of the credit card. It is the most
available out of any financial product out there. In fact more than 80% of the
U.S. households have at least one credit card. If you want to consider yourself
as the "Average" American then you have about 8 credit cards burning a hole in
your wallet right now. To make sure that you don't get yourself in any trouble
(again) try and follow these 10 Simple Steps for Credit Management.
1.
Ignore the bank's/lender's rule on what is an "acceptable" level of debt. Your
debt-to-income ratio, as they like to call it, is how much debt you can carry to
the amount of money you bring make. Depending on how well you have managed your
credit in the past it can fluctuate quite a bit. The average is about 25%. The
ideal number is of course ZERO but for starters work on getting it down to
10-15%.
2. Remember what a credit card is...A Credit Card. Just because
they have waved their magic wand and sent you your "Pre-Approved" Card doesn't
mean go out and use it. The bank does not know your situation or your lifestyle
all they look at is the number that you should be able to pay off using most of
your "extra" money. They will keep you paying them for the rest of your life if
you let them. Which brings me to the next point...
3. Don't pay just the
minimum balances, unless of course you like paying 400% or more in interest. A
typical Credit Card debt of $4,500 would take you about 44 YEARS to pay off! And
you would end up paying about $17,000 total by the time you are done. When you
stop and think about it, does that sound like a good deal to you?
4.
Play the Game- Remember that you are the customer and "the customer" is always
right. When it come to annual fees and higher interest rates ask for a lower
rate. And if you slipped up and got a late fee ask to get it waived (make sure
you promise never to do it again...well at least for six month) Remember that it
is a lot more cost effective for them to keep a customer happy than it is for
them to go get another one. Your $29-$35 late fee does not come close to the
money they will have to spend to get a new one of you.
5. While you are
playing the game don't get blindsided by the fees. The banks have come up with
some very creative ways to make money at your expense. They have the ones that
everyone knows like over the limit fee, late fee, and extra card fee. However,
they also have the less obvious fees like account transfer fee, and a fee for
talking to a live person instead of a recording. Make sure you look at your
statement and check out all the charges. Some of them may surprise you.
6. Know how you stack up- BILLIONS AND BILLIONS of dollars are charged
annually to consumer on mark ups in interest rates. That's a lot of money when
you look at your share. Your credit information is something you should look at
and make sure it is accurate. About 25% of all credit reports have erroneous
information contained in them. Make sure your information is accurate and keep
an eye on it regularly.
7. Know you limits- When you know you will have
a hard time paying even the minimum balance STOP charging. It may sound simple
but for millions of Americans it is very hard to do. Of course the easy way Hind
sight 20/20 don't get in the situation.
8. If you are one of those
people that are disciplined enough to pay off your balance at the end of the
month then make sure you are getting some bonus for being such a great user. Get
the free stuff that you can use. Some extra Flying miles, free gifts, Cash back
reward (my favorite). If you are going to use it might as well get something for
your efforts.
9. Only have what you need- You Should have 2 cards, one
for what you use regularly and pay off every month and the other for emergencies
or business. When you start trying to take advantage of all the deals out there
the only one who gets taken advantage of are you. Overkill on your credit cards
are not necessary, but being really good at managing a couple of cards is.
10. The statistics are in and they are mind boggling. Bankruptcies are
at record numbers and the consumer debt for the U.S. is over 1.7 Trillion
dollars! Teach your kids now to not make the mistakes that you did. Financial
Literacy is a must for the next generation as we are heading into a cashless
society. It's harder to manage what you cannot see. Make sure they understand
that the credit card is what pays for food on the table and gas in the car as
well as the play station games they love.
About the Author
Mical
Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent
Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer's
Seminars which are open to the public each month in the TampaBay area in
Florida. To obtain a free copy of Mr. Johnson's Home Buyer Handbook contact him
at www.TampaMortgageGuy.com. He is also a contributing author at
www.Debt-Free-Personal-Finance.com.
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Debt Consolidation Tactics.
Learn How To Get Your Debts Paid Off Faster, Saving Money In The Process. Get Rid Of The Stress And Anxiety Of Worrying About How Youre Going To Make This Months Payment. |
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Your Financial Rescue Was Found Here At The Ekg Mo
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