Three Ways to Beat the Credit Card Game
Credit cards can be your best friend, and your worst enemy. For those who have mastered the credit card game, credit cards are merely a convenience, and one that they certainly never rely on. Mindful, responsible spending and a serious commitment to paying off your credit card debt in a reasonable amount of time will save you from credit card problems, thereby helping you to become financially independent and not bogged down in credit card debt.
How to Beat the Creditors at their own Game:
- Did you ever hear the saying that the best way to achieve a zero percent interest rate on your credit card is to simply not have a balance? Listen, credit cards more than serve their purpose, for a multitude of reasons; however, when you find yourself purchasing things that you know darn well you will not be able to pay off in the near future then it is time to rethink your attitude towards credit card debt.
For starters, make a budget and stick to it. That will allow you to estimate what you can afford to charge each month and pay off each month. Next, before you whip out your credit card to make a purchase, simply take a moment or two and ask yourself if you really need this item, or if it an impulse purchase.
- Consolidate your debts onto one, manageable credit card and then cut up all of the other ones. One of the biggest mistakes consumers make is to consolidate their credit cards and then simply charge them back up again. You must make a conscience decision once you have consolidated your debt to no longer use those cards that got you into trouble in the first place.
- Negotiate the terms of your credit cards. It is not uncommon to see interest rates skyrocketing and credit limits being slashed, as the new credit card legislation has prompted many creditors to stick it to their customers in hopes of recouping some of their losses. However, if you notice you APR on the rise or your credit limit being cut, immediately contact your creditor to remind them that you have been a loyal, responsible customer and that you expect the changes to be reversed. If they are unwilling to negotiate with you regarding the terms of your credit card then it may be time to move on.
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