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Credit cards Pix


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We believe that credit cards are a great convenience that millions of us use all the time for dozens of reasons. These things are also great sources of financial pain and suffering. People get caught up in the really low mimimum payment schedules and the easy ways that they can get cards. And what has happened? Record numbers of people find themselves in bankruptcy court. Even that has become totally devoid of stigma.

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What's the answer? This is what we do in our own personal finance life and it is what we recommend. We have only one card. We use it to guarantee hotel rooms, get rental cars, airline tix, and to make purchases when there is a really good SALE on something we want or need. We have also used it to pay for things or get services we want here on the Internet/World Wide Web. We have no problem using the SSLs etc. that are here to protect us from the bad guys. And, most of the time, we pay ALL the balance EVERY time we get a statement.

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How should the "surgery" be done? If you want to reduce your holdings (pardon the pun) of credit cards, then you have a few options. Pay them off as fast as you can. Pay the one with the smallest balance, then take that payment and add it to the next one, and so on until you're done. Pay more than the minimums where possible. It can take YEARS to pay off a balance by paying minimums only. Get a home equity loan. The interest can often be tax deductible. CUT THOSE CARDS UP AND THROW THEM AWAY!! Call the credit card companies and tell them you want the accounts canceled and to be sure that the credit bureaus say the account was canceled by you, the consumer.

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Now think about how much more money you have to invest instead of letting the credit card companies make all the money!!!


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