Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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Control Your Credit Card Debt to Control Your Life
By Jude Wright
Credit card debt is becoming more and more prevalent, especially for those who are struggling to
make ends meet. And, the more they use them, the deeper they bury themselves in debt.
Even though credit cards can be convenient to use, they must be used with care. It is all too easy to
get into trouble with them. They are essential in building a good credit history, but you should be
controlling your credit card use; it should not be controlling you. When you are over your head in debt,
using even more credit can be the worse thing you can do. Gain control over your life by controlling
your debt.
When you are trying to pay of a card, it is important to not charge anything more on it. The interest
alone will make it difficult to pay off. And, never, never be late on making payments. Late payments will
add another $30 to $50 fee to your owed amount. You will also have your interest rate raised if you are
late with payments. Unfortunately, even just one late payment can cause a credit card company to
raise its interest rate. This, in turn, makes it more difficult to pay off. Late payments will also be
detrimental to your credit score.
You should have a plan for paying your bills. If you have a bill paying plan, you know exactly when
each bill needs to be paid so that you are never late with a payment. Everyone needs to set up a
budget; not just people who are deeply in debt. Look at your income and balance it with your
expenses. First, be sure that you have