Credit cards have a
psychological effect on most people. We have all charged something and not
felt we paid for it. Even when we get the bill we look at the minimum
payment and think " that's not so bad". Many people take this so far that
it puts them in serious debt. To really get a handle on your credit
spending you must take a different mind set. Thinking of your credit cards
as cold hard cash is not an easy thing to do. Your fighting against
Madison avenues biggest pitch and it takes some serious awareness. Here
are a few things to keep in mind about your credit spending.
Take the amount of the purchase you
intend to make and add about 20 percent to it. That's about the average
percentage most people pay after you consider monthly interest rate and
pay off time. Keeping this in mind makes those hard to resist bargains a
little less attractive. You are not really getting 20 bucks off on that
golf club if you put it on your credit card.
Before you make that purchase, think,
"Can I pay this off in 25 days?"
If the answer is no then you should reconsider the purchase. It only
takes a few months of not completely paying off your balances to shoot
your monthly payment up.
Read the terms very well. Pay close
attention to the interest rates and annual fees. Some annual fees are
very high. Don't be tempted by a special introductory rate. They are
usually for a very short time and your balance is set to the new
interest rate as soon as the introduction is over.
Understand that bad credit cost you far more money
in higher interest rates on your credit cards and loans. Keep an eye on
your credit score by ordering your credit reports at least once a year.
Check them for accuracy and be quick to dispute anything that does not
seem correct. Find out more information on repairing your credit by
downloading the Credit Repair Guide, "Give Yourself Credit" Click here for
more information.
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