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Chapter 5: Securing A Low Interest Rate Credit Card
Synopsis
In actual fact all credit card interest rates are high when comparing to other sources of money advancing facilities. However most people don’t realize this or don’t want to realize these high rates simply because of the easy access the credit cards provide to making desired purchases. Getting carried away is one of the very real dangers of credit usage; therefore there is a need to actually actively source for a credit card that can provide for lower interest rates by comparison.
Low Interest
The interest rates charged on the amounts reflected by the credit card purchases or usage will eventually feature very significantly on the interest rates charged to the individual if the said amounts are not paid for in full by the due date.
When the purchases are rather considerable, it is often harder than imagined, to clear the full amounts by the expected date stated on the statement of accounts.
Therefore taking the trouble to source for credit cards that provide lower finance charges may come in handy in such circumstances.
These charges can be calculated to be much more in favor of the individual (if this was at all realistically possible) whereby the individual would end up playing much less than other conventional interest rate payments would be.
However even this has some rather complicated connotations to it where in actual fact the there is no tangible positiveness for paying the finance charges anyway.
In this scenario the individual is really simply paying for the convenience of having the outstanding amounts differed.
One should also be weary of some credit cards that offer lower interest rates also offer lower minimum payments which initially seem an exciting feature, but upon proper calculations the individual could possibly end up paying even more than other conventional credit cards.
Chapter 6: Curbing Your Charge Card Spending
Synopsis
One of the most drastic and dramatic ways of doing this, is the recommendation to have the cards cut up or returned to the issuing merchants which are usually the banking institutions that prey of the weakness of individuals. This of course is an extreme measure and usually one that is hard to do but very necessary when the amount charged to the card are phenomenally high and there is really not viable means available to clear the amounts in the near future.
Cut Down
However there are some tips that can be used in order to create some elements of discipline when making use of credit cards and the following are some worth considering:
Keeping the credit cards out of easy access, is one way to limiting its use. Leaving the credit cards at home when going shopping will help the individual realize the enormity of the purchasing power that has been severely curbed. It will also give the individual some insight to the possible frivolous spending that has been practiced as a norm previously.
Without the use of the credit card facility the individual is now forces to make purchasing using cash and this can be a real disciplining exercise for the individual, as it help to exercise control.
Seeing cash actually becoming lesser as the purchasing exercise commences, will keep frivolous purchases from being part of the shopping experience.
Making a conscious effort to scrutinize previous spending habits and actual purchases being made will help the individual better understand where the “money” was going and to eventually learn to avoid such establishment in the quest to curb the unnecessary spending.
Avoid planned outings that revolve around shopping sprees or at shopping friendly locations. When there is no temptation to shop there is no unnecessary buying, thus positively contributing to the efforts to curb using credit cards.
Chapter 7: Staying On Top Of Your Charge Card Balances And Negotiating With The Company
Synopsis
Sometimes in the quest to try to clear the seemingly endless credit card commitments, there is a possibility of trying to negotiate with the card companies to come to some kinds of acceptable settlement scenarios. Though this may not be an easy course of action, where results are easily experienced there is certainly the fair chance of finally bringing the endless bills to some kind of closure.
Keep Up
The following are some steps that can be tried to facilitate the above mentioned possibility:
If there is a possibility of being able to clear the entire amount in a lump sum payment, then negations to cut the interests calculated to be paid can be tried. These lump sum payments can be usually be broken up into two or three huge payments, where the principal sum and the possible new negotiated interests can be paid off.
There is also the possibility of approaching the credit card establishment to consider a proposal where the bank agrees to eliminate or lower the interest rates incurred to help ease the burden of the individual until some financial stability is achieved. In some cases assessing punitive fees such as late fees and over-limit charges may also be requested to be waivered. However the trade off here would most likely be, that the cards in question would be frozen, cancelled or suspended for a specific period of time.
Debt management program - in this scenario the individual would have to seek the expert advice, from sources trained for the purpose of helping people better handle and sort out their debt ridden situation. This is of course a better option than having to deal with the mounting debts with no apparent relief. There are groups that provide this service free or for a very nominal charge.
Chapter 8: The Disadvantages Of Being In Debt
Synopsis
Credit cards can be an individual’s best friend or their worst nightmare. When the cards are used in a controlled and wise fashion, then there is very little likelihood of it becoming a financial burden to the individual, however when used without caution the resulting scenario can be detrimental both mentally and physically.
Warnings
Being in debt, especially credit cards debts is sometimes very hard to come out of, due to the style of the interests charged. Thus the never ending cycle can really be stressful and often consuming, leaving the effected individual very little room for others things that may require the individual’s indulgence.
Being unable to effectively contribute to even the minimum payments due will also create the negative assessment on the individual’s credit ratings or credit scores, which is vital to any future investment opportunities.
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