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The Four Easiest Ways to Plunge yourself into Debt

Credit Card Debt

There are many articles out there that teach you the importance of good credit and low credit card debt; however, this article does just the opposite. What better way to ruin your credit and get yourself in over your head in credit card debt than to follow these four, simple rules?

1. Forget about your budget – One of the easiest, most surefire ways to get yourself into deep credit card debt is to spend like you have no budget. Many individuals, with a credit card in their hand and a hefty credit card limit, are likely to overspend. This is because a credit card can quickly give individuals a false sense of wealth and security when, in reality, it is debt that they simply cannot afford to pay off. Making a budget and sticking to it is often a great, first step in reigning in your credit card purchases and keeping your mind realistic about your expenses.
2. Pay only the minimum payment – It may be incredibly tempting to pay on the minimum payment each month, but that will get your credit card debt nowhere fast. The best case scenario is paying off your credit card debt in full each month; however, if this isn’t possible, make it a point to pay more than the minimum payment so that you are paying on the principal of the loan, and not just the interest.
3. Make your payment late – Making your payment late is a great way to plunge yourself further into debt! From late payment fees and increased interest rates to a drop in your credit score, making late payments is, without a doubt, the best way to ensure that you will remain in credit card debt.
4. Take out cash advances – Cash advances are sneaky little conveniences that end up costing big in the long run. First of all, cash advances come with their own, higher interest rate than standard purchases. Second, they raise little red flags with your credit card company that you may be desperate, thereby often signaling a drop in your credit score and an increase in your credit card interest rates.

Surefire Ways to Beat Late Credit Card Payments Once and for All

Credit Card Debt

With the tough economy and equally tough credit sector, we all need to stay on our toes and pay our debts to maintain our credit rating. With that said, it is now more important than ever to pay our credit card bills on time each and every month.

Failing to pay your credit card on time can result in quite a negative impact on your credit score, and can certainly result in raised interest rates, late fees and your inability to obtain credit.

Luckily, we have technology on our side – namely, the Internet, to make sure that our payments are received on time, without fail.

Online Bill Payment

Online bill payment enables us to say good-bye to snail mail, once and for all! No more stamps; no more trips to the post office; and no more delays. The Internet has instead enabled us to pay our monthly bills in a matter of minutes, without the hassle of paper bills and checks.

Whether you decide to pay your credit card bill through your bank or directly through the credit card company’s web site, you will enjoy the convenience of a quick payment. In fact, most payments are posted within two or three business days.

Automatic Bill Payment

Better yet, if you want to ensure that your payment is received on time, consider automatic bill payment. Simply set up the date each month that you want your credit card bill to be paid and – voila! –no more missed payments!

Of course, automatic bill payment is ideal for card holders who pay the same amount to their credit card bill each month, although it is also convenient for business travelers that may not be home to receive their credit card statement every month. Another great feature of many credit card companies is that they can send you an e-bill instead of a paper bill, thereby enabling you to receive your monthly credit card statement regardless of where you are.

There is simply no reason not to pay your credit card bill on time each month. With today’s user-friendly technology, it is quite effortless to set up an online account, either through your bank or credit card website, so that you can take care of your monthly obligations anytime, anywhere.