Credit Card

Wanna know how to keep your credit card debt in check?

Credit Card Debt Tips

If you're a shop-a-holic and want to avoid being in credit card debt, have we got some tips for you!

• Avoid credit cards that you can put on your keychain. Number one, if you lose your keys you open yourself up to being a victim of identity theft. Number too, it's so much more convenient to use this kind of credit card that you might find yourself using it a lot more than you normally would. (Sounds quirky, but people are quirky sometimes. It's what makes the world go around.)
• Another quirky suggestion is to freeze your credit card in a glass of water. Talk about making it inconvenient to use! Many times you hear that to avoid making an impulse purchase, sleep on it. The next day it might not seem like such an urgent and pressing need. The same holds true for this concept. By the time the water melts enough to get your credit card out of the ice (and you can't put it in the microwave or you might melt your credit card) you might decide you don't really need that purse or sweater after all.
• Let's make a deal! Actually, you'd make the deal with yourself. Every time you buy something with your credit card, transfer that amount of money to a savings account. That way, you'll have enough money to pay the item off in full at the end of the month. Of course, you might think this is a hassle eventually and just start using your debit card or writing a check for the same items. This is also a good idea, because when we buy things with credit cards, we tend to spend 30% more.
• Got a goal? Say, a new car or a house? Cut out a picture of your goal and wrap your credit card in it as a reminder that whatever you're about to buy on credit might set you back on reaching your goal. At the very least, it will limit your spending to only those items you really need.
• Some credit card companies will send alerts to you via cell phone or email when your credit card balance hits a certain number (that's set by you). This will be like a "red flag" when it comes to using your credit card.

Hopefully these suggestions will keep you from racking up enormous credit card debts.

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