Beat the Credit Card Blues: 5 Super Strategies For Breaking Dangerous Spending Habits

Authored By: Stanley Kershman

Many of us consumers continue to struggle to get out from under our credit debt. In fact, the average American is carrying almost $2,500 in credit debt each month. These financial consequences can be critical, and long lasting.

For a consumer paying only the minimum payment of $50 a month on a $2,500 credit card bill, (at the average 16-percent interest,) they are paying off a mere $10 of principal. There's another $40 being added on in interest EVERY MONTH. So in only one year of paying minimums, they still owe $2,380. Now imagine if the credit bill is $15,000 or more...the word dangerous is certainly appropriate.

Want to do things differently? Want to put your debt on a
diet? Try these five super strategies and break your dangerous spending habits today:

1. Step away from the counter. Give yourself a time-out when you feel the temptation to make a purchase. For an item over $100, put it on hold, and leave the store. Let the idea sit for 24 hours, and then ask yourself whether you really need the item: the answer is likely "no." For clothing and other purchases, put the item on the 10-minute hold rack. Walk away, get a drink or a snack and decide if you really need it or just impulsively like it.

2. Set goals. Decide how quickly you want to reduce your debt, and how much you can afford to pay down each month - but don't stop there. Set financial goals that involves "positive" incentives, too, such as savings and vacations.

3. Start canceling cards. How many credit cards do you really need?
Most people need at least one to handle payments that can't be made easily any other way - and you may need two, depending on where you usually shop or travel and which card is accepted.

4. Lower your limits. Save yourself the grief of overspending and not being able to afford it. Most people don't know that you don't have to accept the maximum credit limit that your issuer is willing to provide. Choose the limit that you're comfortable with, and tell your credit card issuer - in writing - that you don't want any automatic increases. That way you stay within your budget.

5. Consolidate. If you're dealing with several cards with debt, look for a financial institution and apply for a consolidation loan. This loan at a competitive lower rate will allow you to make one convenient monthly payment that is far lower than your various cards and will give you a fresh start.

Stanley J. Kershman,a.k.a The Debt Doctor, is a leading authority on solving financial disasters. Consumers, you can now defeat your debt problems by downloading your FREE COPY of Stanley's Handy Budgeting Worksheets. And don't forget to check out "Put Your Debt on a Diet: A Step-by-Step Guide to Financial Fitness" available at Amazon.com and www.debtonadiet.com

Article Source: http://www.FinanceNook.com
Your One-Stop Quality Finance Article Source

Home | Credit | Credit Counseling

Read Additional Related Articles from the Credit Counseling Category

Listed below are more articles related to the above article.

People interested in the above article "Beat the Credit Card Blues: 5 Super Strategies For Breaking Dangerous Spending Habits" are also interested in the related articles listed below:

How To Repair Your Credit With Credit Counseling - By : Ryan Cote
Credit Counseling Agencies: Good Or Bad? - By : Debbie Dragon
Unscrupulous Agencies Hurt Public Image of Credit Repair Counseling - By : Michael Martin
Are Non-Profit Credit Counseling Agencies a Better Bet for Consumers? - By : Michael Martin
Finance Credit Counseling - By : Tim Renolds
What Are Credit Counseling Services - By : Joseph Kenny
The Devil Made Me Do It - By : Chris Cooper
Credit Counseling Scams - By : Chris McElroy And Jennifer Tarzian
Why Credit Counseling Doesn't Work For Most Debtors - By : Charles J. Phelan
Credit Counseling Agencies Are Still Fraught With Corruption - By :

Read more related articles in Home | Credit | Credit Counseling

Return Home

FinanceNook.com Home

Featured Sites

Internet Marketing
Website marketing strategies and tips for promoting a business online

Small Business Marketing
How to get more customers or clients than you ever dreamed possible

Social Bookmarking

Bookmark on del.icio.us

Popular Articles

RSS Feeds

FinanceNook.com Home | Top of Page

United States of America . United Kingdom . Canada . Afghanistan . Albania . Algeria . American Samoa . Andorra . Angola . Anguilla . Antarctica . Antigua & Barbuda . Argentina . Armenia . Aruba . Australia . Austria . Azerbaijan . Bahamas . Bahrain . Bangladesh . Barbados . Belarus . Belgium . Belize . Benin . Bermuda . Bhutan . Bolivia . Bosnia-Herzegovina . Botswana . Brazil . British Virgin Islands . Brunei Darrusalam. Bulgaria . Burkina Faso . Burundi . Cambodia . Cameroon . Cape Verde . Cayman Islands . Central African Republic . Chad . Chile . China . Colombia . Comoros . Congo . Congo (Dem. Rep.) . Cook Islands . Costa Rica . Côte d'Ivoire . Croatia . Cuba . Cyprus . Czech Republic . Denmark . Djibouti . Dominica . Dominican Republic . East Timor . Ecuador . Egypt . El Salvador . Equatorial Guinea . Eritrea . Estonia . Ethiopia . Falkland Islands and Dependencies . Faroe Islands . Fiji . Finland . France . French Guiana . French Polynesia . Gabon . Gambia . Georgia . Germany . Ghana . Gibraltar . Greece . Greenland . Grenada . Guadeloupe . Guam . Guatemala . Guinea . Guinea Bissau . Guyana . Haiti . Honduras . Hong Kong . Hungary . Iceland . India . Indonesia . Iran . Iraq . Ireland . Isle Of Man . Israel . Italy . Ivory Coast . Jamaica . Japan . Jordan . Kazakhstan . Kenya . Kiribati . Korea (North) . Korea (South) . Kuwait . Kyrgyzstan . Laos . Latvia . Lebanon . Lesotho . Liberia . Libya . Liechtenstein . Lithuania . Luxembourg . Macau . Macedonia . Madagascar . Malawi . Malaysia . Maldives . Mali . Malta . Marshall Islands . Martinique . Mauritania . Mauritius . Mexico . Micronesia (Federated States) . Moldova . Monaco . Mongolia . Morocco . Mozambique . Myanmar (Burma) . Namibia . Nauru . Nepal . Netherlands . Netherlands Antilles . New Caledonia . New Zealand . Nicaragua . Niger . Nigeria . Niue . Norfolk Island . Northern Mariana Islands . Norway . Oman . Pakistan . Palau . Palestine . Panama . Papua New Guinea . Paraguay . Peru . Philippines . Poland . Portugal . Puerto Rico . Qatar . Reunion . Romania . Russia . Rwanda . Sahara . Saint Helena . Saint Kitts and Nevis . Saint Lucia . Saint Pierre & Miquelon . Saint Vincent & The Grenadines . Samoa . San Marino . São Tomé & Príncipe . Saudi Arabia . Senegal . Serbia . Seychelles . Sierra Leone . Singapore . Slovakia . Slovenia . Solomon Islands . Somalia . South Africa . Spain . Sri Lanka . Sudan . Suriname . Swaziland . Sweden . Switzerland . Syria . Taiwan . Tajikistan . Tanzania . Thailand . Togo . Tongo . Trinidad & Tobago . Tunisia . Turkey . Turkmenistan . Tuvalu . Uganda . Ukraine . United Arab Emirates . Uruguay . Uzbekistan . Vanuatu . Vatican City (Holy See) . Venezuela . Vietnam . Yemen . Zaire . Zambia . Zimbabwe

Template Design by Larry Lim | Powered by Article Dashboard