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Are You A Slave To Instant Credit Card Debt?

.... Easy credit!  You can't avoid it.  Every where you turn someone is trying to get you to buy merchandise or services with no money down and low easy payments. 

Almost every week the mail brings another offer of a credit card with a nice fat spending limit.  Every evening while watching TV you see ad after ad that urges you to buy now and pay later.

You must have the strength of iron to pass up all those opportunities.  Of course you want to have everything you right now, with no waiting or savings plan. 

All you friends are doing it.  They have all the nice things and exotic travel that you would like to have.  Who can blame you for doing what everyone else is doing. 

It's just the way things are, right?  Well, that's exactly how you fall into....

The Credit Trap

Credit cards seem to be the real culprit.  Once you have a credit card your balance just seems to grow and grow, month after month and year after year.  The bad news is that the amount of interest you are paying also grows and grows. That's when you first begin to sense that there is trouble ahead. 

 If you're trying to re-build your credit or if you're young and just starting out, pay close attention the next time you receive a new card offer in the mail. While you're trying to build a positive credit history, carefully using a credit card might be sensible. Making small purchases and then making your payments on time each month is a simple, reliable way to build good credit. 

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The problem for many people buying with plastic is that it so easy it becomes addictive.  And you are drawn deeper into the credit trap.

Learn To Use Credit Cards Wisely

If you receive a credit card application that appears to offer a low monthly interest rate, don't do a thing until you read the fine print in the offer.  Check the paperwork that comes with the offer.  In the Disclosure box you'll find the Annual Percentage Rate, or APR.  That is the basic interest rate you will pay if you make your payments on time.

By federal law, the Disclosure must also tell you whether or not the card offers a payment "grace period" - the number of days until your balance begins to accrue finance charges. If a credit card has a reasonable grace period and you pay off your balance at the end of each billing cycle, you won't have to pay finance charges. 

Those finance charges and penalty fees are very expensive and if you begin to find yourself paying them almost every month you must face the fact that  your credit buying is out of control.
It isn't difficult to find credit cards that offer reasonable grace periods.  If you don't find one explained in the fine print of the credit card contract consign that offer to the trash can. 

If you don't have any credit history at all, a credit card company will start you off with a very low spending limit.  If you are smart you will get in the habit of paying cash and only using the credit card when you absolutely must.   You never want to go into serious debt with credit spending.  When in are just getting started building your lifestyle it is very important to develop good spending habits. 

If you will do that they will last a lifetime and you will avoid the heartache of being firmly caught in the credit trap.

Calculate Your Monthly Finance Charges

Promise yourself that you will never make a credit card purchase unless you are absolutely sure you will be able to pay when the next monthly statement arrives.  That's how you avoid racking up back-breaking interest and finance charges that bury your deeper and deeper in the credit trap.   

It's easier to avoid credit spending if you understand how costly it is.  When pay off your balance each month you avoid paying any finance charges, but when that isn't possible it's important to know the actual cost of the items you purchase.

The annual percentage rate, divided by 12 months, gives you the periodic rate that will be applied to your outstanding balance each month. You can estimate what your monthly finance charge will be by multiplying the periodic rate times the outstanding balance. It may sound complicated at first, but taking the time to learn this simple equation can make a big difference in how you use your credit cards.  Credit card interest and late charges can just kill you.

When you're able to see how much you actually spend on an item that you don't pay off at the end of the month, it might help you to resist the temptation to over-use your card. An item that you want to buy might be on sale at the time you purchase it, but if you don't pay off your balance at the end of the month then those finance charges can dramatically increase the actual cost of that item.

Credit Repair

If you find yourself in debt that is over your head it's time to get busy and do something about it.  While you browse this Web site you will find guides and services that can be of real help in pulling you out of the credit trap.  But all the help in the world won't solve your debt problem if you are not willing to make drastic changes in how you buy, spend and manage your money.

You my need to consider a "consolidate your credit card bills" to help get yourself back on a firm financial footing.

To get back on a solid financial footing you must start with a budget that allows you to pay your bills and live within your income.  Depending on your determination, within 1-2 years your credit history can be improved to the point where you can get any card you want… but you no longer need them.  At that point you have freed yourself from the credit trap and relived your financial stress. 

Get out of debt and you'll be surprised at how much happier you are.  Credit cards online application is easy, but don't get cards until you know you can control your spending. Even then shop until you find credit card offers with rock bottom interest rates

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