« Discover Gas Card - Reaping Rewards Continued | Main | Debt Consolidation Loans »
December 30, 2006
Managing Credit Card Debt in 2007
Have you made any strives forward in getting a grip on your credit card debt for 2007?
Where I live 2007 is now 24 hours and 6 minutes away!
Here is what I did tonight:
1. Logged in to my online banking account
2. Noticed that I had $299.56 on my credit card
3. Clicked a few buttons and entered the amount $299.56
4. Clicked the Transfer Funds button
5. Saved myself in interest charges by following the above 4 simple steps
Now, you are a little frustrated because you can't just clickity click your way out of debt.
Nope, you can just click your way out of debt. So if you find yourself in a position where you can't just go pay your full balance what are you to do?
It is this simple:
Don't use your credit card so frequently!
If you don't have the cash, don't buy on the credit card.
For 2007, I am dead set on saving a fortune in interest charges and socking away over $1 Million.
Here is my plan of attack:
1. I cut up my bank debit card
If I have to take the time to go to the bank to get cash, I will spend less. The convenience of ATM machines and point of sale debit systems make it far too easy for you to spend.
So, get rid of your debit card
2. When I use my credit card, I pay the balance within 72 hours
Use online banking to make sure you pay your balance within a few days. If you find that your credit card use is draining your bank account, then maybe you need to cut up your credit card as well or at least until you think you can get your spending under control.
Hint: If you are spending too much it is likely there are emotional issues that you have not tended to. Take care of whatever ails you, then get another credit card.
3. Use my interest savings to pay off other debt
I have a line of credit from quite some time ago that I slightly abused. The interest charges are huge!
Now, I am taking the money I am saving in interest on my credit card and applying that directly to the line of credit.
4. Invest in stocks, bonds and mutual funds
Within a few months my line of credit will be paid off because of the extra money that I am saving on interest charges from that darned credit card.
As soon as the credit line is paid, all the savings will be applied to investments which will grow my money at a rapid rate if I watch my investments closely
I am at a bit of an advantage because I operate my own marketing business so I have the ability to earn more without having to ask a boss for a raise.
Follow my advice in the above 4 steps and you will be a lot closer to being financially free by the end of 2007. Maybe consider starting your own marketing business.
Not sure how to start your own business?
I can help!
I will be launching training for those who want to earn a little extra cash in early 2007. I will provide you with the exact steps necessary to launch your own home based business.
To find out more please leave a comment here or visit my site veoreport.com for more information.
Wishing you the best for 2007!
Technorati Tags:
Money |
Budget
Trackback Pings
TrackBack URL for this entry:
http://www.crediteria.com/cgi-bin/mt/mt-t.cgi/169