Credit card debt

Hi, its good you learned to manage your credit card debt and start a blogspot to educate others out there. The problem also is that younger people think that having a credit card is sort of a status symbol, not knowing the financial risk attached to having a credit card. We are still burdened by credit card debts but we have learned not to use our credit cards and only use it for emergencies.

Yeah, I tried to put my debt into the calculator on bankrate.com, and it's amazing the amount of interest I will end up paying if I only pay the minimums each month.

thanks for alerting us on using credit cards.

This is the exact reason that I don't have one. I have the convenience of a credit card but it's a debit card.

wel im am sum wat in the same position iole my credit card company lik 467 or somthing like that

Hi, I received my financial education in the School of Hard Knocks 10 years ago, when a combination of bad business judgement on my part, illness and bereavement knocked me off my feet for a while. I had soem credit card debt and that was what finally made my bank get nasty with me! First thing to do with Credit Cards is to change your way of looking at them. Think of them as DEBT CARDS. When you buy anyting with them, you're getting in to DEBT. A few weeks thinking like that will soon alter your judgement of them. Next, NEVER only pay off the minimum amount. If you can't pay off the whole hog each month, pay off as much as you can. Most card issuers (certainly here in the UK) will allow you to make more than one payment each month - so if you get paid weekly, pay off some of your card debt each week. If you feel it's getting out of control, stop using the card. Whilst cutting up the card may be a good last resort, if you honestly feel it's a temporary thing and the card is useful to you, wrap the card in a platic bag, then freeze the card in a bock of ice and pop it in your freezer. :) It's there if you're desperate, but not there in your wallet for that CD or pair of shoes! Turn down increases in your credit limit - I have a $2000 limit on mine and that's more than enough for what I use it for - emergencies, petrol / gas, pizza deivery and the odd bit of online shopping. If you do end up in trouble, keep the CC company in the loop. Here in the UK it's usually possible to set up an arrangement with them whereby they don't take legal action or cancel the cards, whilst you establish regular payments to bring the card back inside it's limit. You simply pay them money regularly and they block the card whilst you do so - what you can do then is once you've go things under control is contact them and ask them to reduce your credit limit. Debt is a hard hole to climb out of; it took me 10 years to get in to debt, and 10 years to get out - it's not a journey I would reccomend to anyone.

yes, it sure is vicious cycle.an it can come back an bite you.if your not carefull.banks are getting rich off of credit cards.they know people will most likely max them out.but i only use mine for emergency.an also i take out the insurance they offer when you frist sign up.just in case i ever lose a job an cant pay the payments,then im coved for at 6 months to a year..it great that you are offering to help other about telling them the danger of credit cards.

Pay more than the minimum on the largest interest bearing account, pay a bit over the minimum on the other. And do this by frugal shopping, buying second hand instead of new, using left overs, cutting down or cutting out on restaurant eating except on special occasions, cancelling subscriptions to magazines you hardly read, taking the paper on weekends instead of ever day. Let's say you make an extra $20 a month and you owe $10,000 on one credit card, and $5000 on the other. ou are putting $200 on one, and $100 on the other (2%) so you put $215 on one, and $105 on the other and keep doing this, do not lower your payments and if you have some more money use the 2/3 1/3 on the extra.

Sorry to hear about you r job and thank you for sharing the information about credit cards. You are absolutely right that if you do not manage your credit cards properly, you will end up in a lot of trouble with the banks and eventually with the law.

thanks, for actually alerting me on this. I always thought that credit card can solve lot of money problems. I thought its like taking money when you need and paying it back when you like. but thanks a thousand times for letting me know that this can be infectious and tricky.