Credit Card Menace Can Be Brought Under Control
Tuesday, March 24th, 2009 by justinsmith
March 24, 2009: The present generation seems to be caught up in the cobweb of plastic money. Remember: your credit card balance needs to go down, not up. The largest step in reaching that is to stop using credit cards without a relevance to the real money you spend.
The first thing you can do is hide your credit cards. You should keep it in a place where they are accessible only in extreme emergency. You can keep them in a little box and throw it up in the attic or freeze them within a large chunk of ice.
Then, visit every online bank account where you have been using your credit card regularly. Delete your credit card numbers wherever you have entered them there. When you deadly require such a service, use the number on your debit card in place of a credit card number.
The next major step is to hunt for the all your most recent credit card statements and bills, and then determine exactly the amount you owe and the interest rates charged on each bill. You can easily find this information on your most updated statement. But if you’re finding it difficult to obtain the information, contact your credit card provider and get the required information.
Next you should liquidate some of your nonessential possessions. The proceeds obtained through the disposal should be utilized to pay off the debts with highest rates of interest.
Follow the Dave Ramsey “Debt Snowball” plan for repayment of your left over debts. This plan allows you to you make a minimum disbursement on each liability. Thereafter, you can make a large extra payment every month to finish off the debt with the lowest balance.
The “Debt Snowball” plan will allow you to succeed in eliminating your debts as fast a possible……….
Source:http://www.bdafrica.com/index.php?option=com_content&task=view&id=13591&Itemid=5843