New Year's Credit Card Resolutions
It's Time to Get Control Of Your Credit Card Situation
If you're like millions of consumers, you may be inundated by credit card debt. With the fresh start of a new year, it's time to get that debt under control. If your New Year's resolution was to get a handle on that debt, here are some ways to keep that resolution in check.
No More Spending Till Everything Is Paid
If you're carrying balances on your credit cards into 2008, it's time to stop the spending. Put your credit cards away until that credit card debt is paid off. Of course, they'll still be there if you need them for an emergency, but remember that an emergency is a furnace breaking down, not a craving for a latte at Starbucks.
More than Minimum
If you've only been paying your minimum monthly payments, it's time to get out of that habit. It'll take you decades to pay off your credit card debt. Pay at least $100 a month more than your minimum monthly payment. Depending on how deep your credit card debt is, this plan could possibly have you out of debt by 2009.
Consider Balance Transfers
If your credit card is charging an unreasonable interest rate, consider transferring your debt to a low-rate card. Just make sure the low rate is good until your balance is paid in full. If the rate goes up after six months, you'll be in the same boat again.
Here's To a Debt Free 2009
Just remember, everything you charge (and we mean every penny and every dime) adds to your debt if your balances aren't paid at the end of the month. Keep that and the above tips in mind as we move towards 2009. Spend 2008 getting out of debt and next year we can focus on New Year's resolutions that are a bit more fun.