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5 Ways to Address High Balances in Credit Card Use

Everyone wants low interest rate credit cards. I have conversations with my clients about what makes a credit card of value at any interest rate. Interest rates are often determined by well managed credit card balances and a strong credit score that lenders can see the likelihood of repayment. While that is incredibly key, most people still struggle with on-going high balances with their credit card use. in this article, you will learn 5 key points to use to help you better manage any credit cards you have already.

1. Keep more than one credit card. Credit cards are a tool to help in the event of emergencies like a car repair, medical costs, gas in a pinch, hotel booking, educational expenses, etc. The best way to manage is to simply designate a few cards for different uses. Some cards carry a great APR and it works for travel where you can pay it over time. Another card may carry an annual fee and a higher interest rate in which you may use it for shorter term use and monthly balance payoff.

2. Reduce department store credit card use. Department store credit card use is the most dangerous of all high credit card balance problems because of impulse shopping. With online buying now available with such ease like Amazon, Ebay, Macys and even Old Navy; shopping is a snap and also a trap! These types of cards always have much higher interest rates and annual fees.

3. Consider Balance transfer cards. You may right now need to re-structure some existing credit card debt. The fastest way is with a balance transfer credit card that will allow for the higher balance credit card limits that you cannot get a handle on. These types of cards can be a true life saver when you are only able to make the minimum payments and the interest you are carrying on each monthly balance is not getting smaller fast enough.

4. Pay monthly family expenses by debit card. We all get in the habit of paying everything with a credit card. We even buy groceries with a credit card and honestly, we shouldn’t. A debit card forces you to spend what you can account for in cash. It requires an eye on what is truly available to spend on anything and will get your attention to what is going on with your money. debit cards are free of the escalating fees of credit cards and are safer because the fees that due exist are firm fee costs.

5. Bi-monthly credit card payments can eliminate high balances.
Most people never think about what they can do to reduce their debt with a few extra dollars applied to their high interest credit card balance. This is not going to be as effective if you pay after the due date of the credit card bill. This is a winner if you do it before the credit card payment date and then pay one more time in the same month. Here is an example: Your ViSA credit card has a minimum payment due for $25.00 on the 15th of the month. You pay the $25.00 on the 13th and then pay another $25.00 on 29th of the month. This could reduce the interest accruing on your card considerably and be viewed by the bank as favorable account management. As you go along you are setting yourself up for a balance increase later on and a great argument for a reduction in the interest rate you are already paying on the credit card.

3 Reasons Why Planning for Retirement (Post Bankruptcy) is Crucial

When a family is facing the dilemma of financial strain and an impending collapse, it’s impossible to worry about retirement planning and investing. Every moment is spent trying to figure out how to turn the family finances around and get as far away from debt collectors. The phone calls, letters, threats to garnish wages are a constant reminder of how much things have gotten out of control.

Your wake up and wonder how did it get this crazy? Your mind keeps telling you that you can work it out, and every day it is not getting worked out because maybe the money wasn’t coming in fast enough or there was a great deal of oversight and surprises that kept money management very difficult to get a handle on. It happens to more families and singles as well. The time passes so fast when your going through some tough times.

Making a comeback is important and needs to be addressed sooner than later when the income situation is stable again. You must have the ability to set aside some cash to put the foundation for your life back on it’s feet. Planning for retirement may seem like no big deal, but when you’ve lost time and earning power, it is crucial to put it back in motion. The 3 Reasons Why Planning For Your Retirement Post Bankruptcy is Crucial is because,

1. You cannot always make up for time in the physical sense. Money leverage can be achieved with the right investment strategy and a clear layout of where you are.

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2. They say it’s not what you make, but what you save that matters. This is key because saving is how you can protect yourself as your life and needs evolve. We are entering to a new economic chapter in the U.S., a new President is on the way and you have to be smart about your money choices.

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3. Retirement costs are rising for even the 40 to 50 year olds because, we are living longer lives and it costs a lot to live longer with good health. Cost of living, food, shelter and a good quality of life requires better planning.

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Setting a goal to strategically put your money to work for you and your future is the next step. Bankruptcy can give you a fresh start and allow four a newer, better, and stronger foundation to develop.
Everyone sleeps better when they have finally taken the steps to plan and invest.

If your retirement planning is not on path and you would like a needs analysis and consultation, we have a knowledgeable team of advisors that can help you achieve your financial goals for retirement. Get help!

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We are knowledgeable and have an entire system of services, tools and resources to help you get your credit back on track. Get help!
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