Credit Card Debt
If you can't sleep at night because of credit card debt worries,
you're not alone. Many people get in over their heads charging
things they think they can't live without.
You don't need to cut up all of your credit cards. Save your
major bank cards, but stop charging needless temptations on
them. You need a couple of major bank credit cards to maintain
or build strong credit scores.
The credit cards you should cut up, department store credit
cards, cost you too much in interest. Plus, these types of
credit cards lower your credit scores. When mortgage lenders
compute your credit worthiness for real estate financing, they
deduct points for unfavorable department store credit lines.
Here are a few things you shouldn't charge on your credit cards:
1. Gasoline. Why charge something that gets burned up before you
pay for it? Think about how much per gallon you pay when you pay
interest.
2. Food. Many people use their credit cards to purchase
groceries that they pay for over the next year or longer. Also,
because it's so easy to pay with plastic, they buy extravagant
and unneeded items. What's more important--junk food or a good
night's sleep?
3. Clothes. Think before you buy clothes on credit. Don't charge
clothes on your credit cards unless you can pay them off right
away. Children's clothes wear out or they outgrow them before
you've paid off the credit card debt.
4. Utilities. Because it's so easy to pay utilities with an
automatic credit card charge, many people end up paying for
their air conditioning when they're heating their homes. Put
your automatic utility payments on your debit card instead.
5. Automatic services. Examine your next credit card statement.
Total up items like cable or satellite TV, Internet services, an
other automatic monthly charges. Can you pay these charges off
each month or are you getting behind?
Make your life easier. Stop charging consumables and monitor
your credit card debt. You'll improve your credit scores and
sleep well.
Copyright