Save money: What are the smart ways to lower your credit card bills?

By on Oct 8, 2013 in Credit Card Debt, Personal Finance | 0 comments

The following is a featured post from Christina Jones at oglv.com. Feel free to contact us if you would like an article featured on our blog. Save money: What are the smart ways to lower your credit card bills? Usually, credit cards aren’t considered as a money-saving tool. However, if you’re a savvy credit card user, then you can actually employ them for your best of interest. How to save money from credit cards Here are some credit card tips to help you to lower your bills and drive up your savings: Opt for balance transfer offers – At any given moment, you may get bombarded with several 0 annual percentage rate (APR) card offers to transfer the balances from your existing credit cards to the new one.Right now, it is considered as one of the most suitable time to get the balances transferred from a high interest credit card to a zero or low one. This will save you quite a lot of money while paying them off during the promotional period. Make good use of credit cards – This is one of the basic rules of using any kind of credit and the same goes in case of credit cards as well, i.e., to use them responsibly. You won’t even save a dime, if you pay too much of interest on your credit card bills. Moreover, you must always make it a point to make full payments and never miss any monthly deadline.This is because missing payments or paying minimum on your bills will cost you a lot more in the long run by way of late fines and higher rate of interest. So, always try to use cards with least interest rate and if possible, then use that during the teaser rate period. Benefit from credit card rewards – Though rewards on debit cards have become quite an extinct thing now, yet you’ll get plenty of them on credit cards. So, if your credit is good, then you may opt for various rewards like cash back offers, airline miles, vacation packages and so on.However, find out the kind of reward card that fits you the best and go for that only. Moreover, by paying off all your cards’ balances in full, it’ll help you to earn rewards that’ll save you a good amount of money in return. Study your credit card statements – Whenever you receive credit card statements, make sure to go through them carefully. A lot of people like you pay off their balances without reviewing each transaction that they’ve made in a given month.Behaviors like these will make you vulnerable to fraudulent transactions or identity theft that may even result in some huge unwarranted purchases. There is a deadline to report any of these issues and if you don’t review your financial statements regularly, then it is very likely for you to miss them. Last but not the least, if you’ve run up on huge outstanding credit card balances, then you can get that settled. This will help you to repay your credit card debt for pennies on the dollar and save a handsome amount of money out of it. In order to settle your overwhelming credit card balances, you need to have excellent social skills, sturdy emotional stamina and an easy access to a pile of reserve cash to offer your creditors on the spot. Not every creditor will accept your offer and settling debts is surely a long-term process, so never give up mid-way through...

No More Credit Card Debt

By on Sep 25, 2010 in Credit Card Debt | 0 comments

I have paid off all my credit card debt and can proudly say I have no more credit card debt! It feels good. Find out how I did it! How I paid off my credit card debt and have no more credit card debt. I’m so happy. 1. Pay Yourself First So my first step was to make a plan. I took how much I was making a month and since I’m on a salary base, I can know for sure what to expect on the 1st and 15th. You’ve heard it before: “Pay yourself first.” Well, in this case, it was to pay the credit card companies first. For example, I knew to expect $2,000 each paycheck and I knew how to allocated every dollar of that paycheck. I set a goal to get out of credit card debt in 6 months, so I took the amount I owed and divided that by 6. Then I calculated how much I need to pay each paycheck to reach that amount. Pretty simple, right? Not exactly. 2. Following the Plan The easiest part is to make a plan. We all make plans to lose weight, get in shape, save up more money, spend more time with the family, etc. But how many of us actually follow through? The follow through is the hardest part. With finances, it’s a bit easier because you can set up automatic withdrawals which go to savings accounts, pays off debt, or goes to retirement funds. As long as you are certain when you will get paid and how much, this is relatively easy. Make sure to set up auto-withdrawals at least a couple days from after you get paid just in case something goes wrong and you don’t get paid exactly on the 1st and 15th. Also, make sure to keep a reserve in your banking account so that you won’t get an automatic withdrawal when you have nothing in your bank account. 3. Be Meticulous Along with setting up automatic payments, I was meticulous about paying down debt. I made sure to also add manual payments on top of the automatic payments. This made sure that I was on top of things and it even helped to pay down debt faster. Even if it was just $100 here or $150 there, those small payments add up over time. In terms of savings, it goes the same way. On top of my automatic savings, I would also make manual transfers into my brokerage funds so that I would reach my max Roth IRA limit faster or reach my goal of savings faster. 4. Cut Down Expenses If you have to eat cup of noodles or pasta with just sauce for 3 months, do it. Do whatever you have to do to reach your goal. That’s that. Cut your expenses and be disciplined to not buy things that you don’t need. Sell things you don’t use on eBay or Craigslist. Do what you have to...

Credit Card Debt

By on May 25, 2010 in Credit Card Debt | 0 comments

I hate credit card debt. I hate it with a passion. It is basically highway robbery. I’ve never been in credit card debt for the 10 years or so that I’ve owned credit cards. I got in some business with people I shouldn’t have fully trusted and ended up in credit card debt of about $10,000. It really shouldn’t have gotten that bad and I blame myself. This was less than a year ago, I would say about 9 months ago. Here are some lessons I have learned from this experience: Business and emotion don’t mix. Do NOT let emotion get in the way of business. Keep it in check. Business is business. Pay yourself first. I got involved in business with a friend. They say to not mix business with pleasure. It still can be done, but remember to get paid first. I thought that my friend would be good with the money and have no issues with paying me. Then he was involved in a lawsuit and hasn’t paid me the full amount owed to me. Make sure you get your payment in full before continuing into the next project. Maintain good credit. Luckily I was able to transfer my balances into a 0% APR credit card — all because of my good credit. Albeit, I still had to pay the transaction fee of a hundred dollars or so, but the money I saved from the interest alone was worth it. Keep your credit up to par and check your credit report for free annually. Right now I have chipped away at that debt and it is currently at $3,300. I scheduled a payment tomorrow for $1,000 so by the end of this week it will be down to $2,300. I plan on paying the rest of the balance by July even though the 0% APR is until October. I really just want to aggressively pay it down so my money can go into saving and earning...