A Primer On Credit Card Debt: Ways To Save For 2011
This special New Years month is when the holiday debt dollar hangover kicks in on wall street in a major way. "Folks get shocked in January when the vacation bills start coming in. Or if they're paying their bill online, the shock is already here by Jan 1st," said Terri Clocker, a CA registered psychotherapist and ex-financial recovery counselor for Goldman Sachs.
Making it through this recession has forced more and more Americans to blow away what reserves of money they have, undermining the nation's dismal savings rate just slightly.
If you want to get control of your spending and boost those savings, Schiel & Denver Book Publishers has some helpful tips in the form of a new book "Saving for the New Year" By Michael Hogan and Annie Richards (2010) published via Amazon.com:
How To Get Started
Before getting how to cut back, you need to know where your cash goes. Money experts say you should track your spending for at least 30 days. Pen everything down – from cars to groceries. That $8 you spend on food every day may actually be $18 or $19, even $20 if you're splashing out at a restarant. Three times a week, you're going to be forking out $65 without even realizing this - more if you've got kids.
Credit card advice
One of the joys about self-publishing a book, is that you learn how to save and make money. When it comes to credit cards, do the same thing, and really put them on the ice.
If you think you're going to have multiple cards with majorly varying debt, get down the card bill with the highest bank interest rate first, then pay the minimum payment, whenever possible. Maybe even consider transferring balances to a bank card with an even lower interest rate. But be aware: some card issuers are now charging higher transfer fees.
Questions and Answers
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Establishing large credit card debts in college develops poor money management skills. Also, high interest rates keep students in debt well after school.
If you're planning a holiday with your family, don't forget to include your credit score with you. Monitoring your credit score while you're away can be a big help. If the thought of thieves running up a huge debt on your credit card scares you, then online monitoring is what you need. Read article to know more.
Lots of people want to know how to clean up their credit report. While there are plenty of agencies out there who will do the work for you for a price, it's also possible to clean up your credit report yourself if you're willing to put in the time and effort.
Your credit score is an important thing when it comes to how lenders, dealers, companies or banks see you. It is what they look at to determine if you are worthy enough to get a loan or even to get that job position you've been longing for.
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