The holidays might be over, but all of your holiday spending are accounted for
With the holidays over for all, there’s one thing that most people should worry about: paying off your debts after you had spend recklessly with your credit cards (or charge card)! Now, I’m not trying to bash at you about your own health, but I had decided to offer some tips on how to avoid going into the long run of carrying your balance around. Whether it’s a major credit card (Visa, MasterCard, American Express) or a store credit card, my ideal tips will help you in desperate situations.
1) Try to pay at least the minimum balance (whenever possible) or if you can – pay the entire balance in full. Paying the entire balance in full will help you further and maintain a good credit rating.
2) Carry cash or debit card for smaller purchases or wait until there’s a certain sale, where prices are marked down.
3) Consider consolidating your debt and refrain from paying any minimum payments. The reason, it will end up costing you more down the road.
For example: if you have $3,000 outstanding on a credit card at 19.8% and you make the minimum payment, it’ll take you 17 years to pay it off and you’ll have paid over $3,300 in interest.
There are many companies out there offering credit counseling and consolidation services out there, either on the internet or by consulting your yellow pages (phone book). I’ve posted a few sites out for all of you to see. To finish off this blog posting, I’m going to leave you a few tunes from my favourite band, Marianas Trench.
Say Anything:
Decided To Break It:
Just like Josh Ramsay is saying in the beginning of the “Decided to Break It” music video, “I’M NOT GOING TO TAKE IT ANYMORE!!”. That’s the quote you will say if you can’t pay off your debts on time.
References:
http://www.citynews.ca/news/news_18158.aspx
Like the new look, dude. Nice responsible post, here’s hoping your readers never get into any trouble of the sort.
Bobby
January 8, 2008 at 6:48 pm