Credit card debt is a very big problem that is being faced by a lot of people who have been irresponsible and undisciplined in the use of their credit card. Though some might have landed up with credit card debt due to some unfortunate event/emergency in their life, most people carry a credit card debt due to their own wrong doings (i.e. wrong usage of their credit card debt). There are a lot of ways to pay off credit card debt and a lot of people do achieve this feat (i.e. are able to pay off credit card debt). Surely, to be able to pay off credit card debt is really a great achievement in itself for not everyone is able to pay off credit card debt. It takes a lot of discipline, restraint, planning and perseverance to finally pay off credit card debt. However, there is more to paying off credit card debt then just being able to pay off credit card debt.
Here we are talking about the life after you pay off credit card debt successfully. As mentioned before, of all the people that try to pay off credit card debt not everyone is able to pay off credit card debt i.e. there are some failures too. However, some people fail after they have succeeded in paying off credit card debt. These are those people who let themselves loose and go on a spending spree as soon as they pay off credit card debt. Soon, these people again land up with a credit card debt and are again trying to pay off credit card debt. So, it’s not enough to just pay off credit card debt, it’s equally important to maintain a debt-free status even after you pay off credit card debt; only then can you enjoy a stress-free life in the world of credit cards. So learn your lessons well and do not let yourself loose on the path to another credit card debt. Most of the rules that you followed when you were trying to pay off credit card debt, will also hold good after you have paid off your credit card debt.
Here is a quick synopsis of things that you should take care of even after you pay off credit card debt: 1) Do not overspend. Yielding to the sale offers for something that you don’t really need, is a big mistake that leads to overspending 2) Always remain within 70% of your credit limit. 3) Make credit card bill payments in time and in full. 4) Don’t hold more than 2 credit card accounts (two are enough for anyone)
These are just very basic things; you can add more based on your own experience and knowledge.
Wednesday, April 4, 2012
Saturday, May 28, 2011
CREDIT CARD WISDOM
Image via WikipediaIF YOUR CREDIT-CARD BILL ARRIVES LATE
Credit-card bills must be mailed at least 14 days before the due date in order to be able to levy finance charges for late payment, according to the Truth and Lending Act. Best strategy: When a bill arrives late, save the envelope in which it came. The postmark will serve as documentation if you are unfairly billed. Source: Steven Cohen. attorney of the Division of Credit Practices at the Federal Trade Commission.
TO CORRECT BILLING ERRORS
Credit-card complaints must be in writing. Legally, phoned-in complaints don’t count. Written notice must be received by the bank or retailer within 60 days after the bill containing the error was mailed. Make sure inquiries are sent to the right department, and use certified mail. Creditors are required by the Fair Credit Billing Act to resolve complaints within 90 days. Source: Bureau of Consumer Protection, Office of Consumer and Business Education, Washington, DC 20580.
CREDIT CARD PROTECTION
For credit-card protection, photocopy the Ids themselves to keep track of which ones you have. It’s much more convenient to have III accounts on a single sheet of paper than to rely on keeping all the original agreements together. Keep one photocopy at home where it can be used to notify card issuers if a card is lost or stolen. Put another in safe-deposit box or other safe place. Spouses who travel with credit cards shouldn’t carry duplicate cards. Reason: If one person’s wallet is lost or stolen, the other’s cards are invalidated thereby leaving the coupIe in financial straits. Better: Each carries a different credit card. Source: Leon Gold, Phillips Gold & Co., CPAs, New York.
KNOW YOUR INSTALLMENT DEBT LIMIT
Rule of thumb: Installment debt should not exceed 10% of take-home pay. More than 20% debt indicates trouble ahead. Note: Do not include mortgage payments when calculating the amount of debt.
Friday, May 20, 2011
Friday, April 8, 2011
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