Watch Your Credit Card Statement

Category: Finance, Credit.

The simplest way to beat credit card debt is to avoid it.

But seriously, credit card debt is evil. OK, easier said than done! If you cannot avoid it( like most Americans) , at least keep it manageable. Don t impulse purchase. Following are five tips to keeping your credit card debt manageable, and with a little luck, avoid it altogether. Said another way.

Sleep on it. Don t buy things the same day you see them. If still in doubt, sleep on it for a couple of days. Pay with cash whenever possible. I have found that after a day or two of reflection, I usually realize that what I wanted is not necessarily something I really needed. It s not easy, but it s amazing how differently you think about spending money when it s cash versus a credit card. Negotiate the interest rate with your credit card company.

You are less likely to shell out hard earned cash( real Dinero s) for" nice to have" things. If you are like most Americans, you get several credit card offers each week. When you get that next offer, call them up. Play those credit card companies against each other. Tell them the interest rate and benefits you get from your favorite credit card company and ask them if they ll match it. Watch your credit card statement. Half of the time, they ll meet or beat the deal you are currently getting.

As crazy as it sounds, I have experienced establishments that round up( in a big way! ) when you make a credit card purchase. Your credit card is charged 20 dollars. Get a 15 dollar haircut. Have a nice 75 dollar meal. It seems small in the whole scheme of things, but it adds up. Your credit card is charged 95 dollars. Don t get taken for a few dollars here and there.

Don t be afraid to call your credit card company and dispute a charge. Save your receipts and verify your credit card statement each month. If a charge is total BS, your credit card company will do the legwork and contact the vendor to dispute the charge. Number Five is the most important( and hopefully simplest) tip. I have found that in most cases, your credit card company will resolve almost any charge that you do not agree with. Pay off your balance each and every month!

If you avoid carrying a credit card balance, you avoid paying interest charges to the credit card companies. This may be an incredible challenge, as credit is all too readily available, but it is essential to you and your family s well being. The credit card companies fool you by offering a low" minimum monthly payment" . That minimum monthly payment is available only so you drag out your payments and rack up interest payments to your credit card company. Don t be fooled. It is not in your interest( no pun intended) to pay the minimum monthly balance.

So assuming you mastered 1 through 5 above, how can you beat the credit card companies? Be sure to pay off your balance each and every month! Take money from them! I did a ton of research on cash back credit cards and wrote up my finding on my blog about Getting Things Done. There are a number of credit card companies that offer cash back on the purchases you make. I would highly recommend that once you get your credit card finances in order, you find yourself a high quality cash back credit card and take money from the credit card companies!

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