You will always hear people complaining that charging money on credit cards is bad. This statement is not necessarily true. If you use credit cards the smart way they can be your best friends. First of all the credit card companies give you a lot of incentives to spend money that you don’t need to spend. When you borrow any money for over 30 days. You need to be able to reasonably justify spending that money. For example you can justify revolving a balance on a car repair bill. You need your car to work right so you can get around. With this kind of expense not having the money, just isn’t an option. So if you need to borrow money on a credit card for things like this, its OK to charge it. You don’t need to feel like your doing something wrong by doing this.
When you do things like go to the mall and spend money on junk you don’t need with your credit card. This is where you are being financially irresponsible. If you don’t have the cash to shop in a mall with, you shouldn’t be there. This sounds kind of harsh but it’s the truth. Today everyone is so used to just saying “I don’t care” when it comes to spending money on credit cards. It’s OK to have credit card debt. But you need to justify the money that you need to revolve from month to month.
Follow this rule anytime that you spend money from now on. Before you swipe that credit card to pay for something, ask yourself if this is something that you truly need to survive. If you answer yes to that question it is OK to charge that expense when you need to. If you answer no to that question then you need to have the cash before you purchase it. This is a simple concept to follow. But the question is are you smart enough to live by it.
Over spending can get you in a lot of trouble with credit cards. Some of our readers know all to well what this is like. If you have trouble controlling the desire to spend with a credit card. Then the cards that you carry make it a rule that they only be used in certain places. For example you can carry one major credit card you only use to buy groceries and gas with. If your not in the grocery store and your not at the gas station you are not allowed to use that card. Make rules like this to control your spending and live by them. Write it on the card if you need to. This tends to be more of a psychological approach to controlling an overspending problem.
Using credit cards only for the things you need like this you will find you will not have as many problems paying the bills every month. This is because when you borrow money only for the things you need. Your overall debt won’t get out of control. If you feel like it’s too late and you have messed up your finances to the point where they can’t be fixed. Don’t worry your problem might not be as bad as you think that it is.
If you feel that you need professional help with your debt, you can get a free professional consultation on your debt issues at our website for personal finance tools. Let a professional tell you what your best option is for managing your specific money issue. Or even if you just want a little information on how to manage money better.
You can save a lot of money on interest rates by transferring your debt to a balance transfer credit card. Make it a point if you get a card like that to just pay on that credit account. Do not charge anything on this card for any reason. Cut the card up when you get it because you really shouldn’t use it if your trying to pay down your transferring balance. If you don’t get approved for a balance transfer credit card. I recommend you look into how easy credit repair can help you repair your credit to the point where you can qualify for one of these cards.