06 Dec 09 4 Step to Getting Credit Card Monkey off Your Back
Introduction
If on one hand, credit card has made our life easy then on the other hand, clubbed with our carelessness and procrastination, it has made life more difficult for us. Like any other tool, credit card can cut both ways, and it depends on you, how you want to use it and to cut what. If you are reading this article then either you are in the mess, or you want to stay clear of the mess. The tips I am going to share here will help you keep the monkey off your back.
Step 1: Know your dues
Bring all the credit card statements along with a calculator, a piece of paper, and pen. Calculate the total amount that you owe to your credit card companies. Make a note of it, and keep it handy.
Step2: Budget
Every financial action should begin by making a proper budget. Make a monthly budget and include the amount you can conveniently pay against the dues in the budget. If you already have a monthly budget then make adjustment to it to include the amount you wish to pay monthly against your credit card dues.
Step 3: Stop spending
If on one hand you make small payments every month to clear the dues, and on the other hand, you keep on adding to it by shopping using your credit card then you are never going to bid adieu to this monkey. You need to stop swiping your card for the time being, until the dues are not settled.
Step 4: Pay as much as you can
I am big fan of having a healthy savings and investment, but I do not preach this when you have to clear credit card dues. It is financial foolishness because the interest you receive on your saving is way too low in comparison to the interest and fine you have to pay on the accumulated dues. And did I talk about the serious blow it gives to your credit rating?
A closing thought
Start saving and investing as soon as you get this bloody monkey off your back, but for the time being, stay away from it and concentrate on paying the dues.
Tags: Bid, Blow, Calculator, Carelessness, Credit Card Companies, Credit Card Statements, Credit Rating, Foolishness, Monkey, Monthly Budget, Paper And Pen, Piece Of Paper, Procrastination, Shopping, Step 3, Tool
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