Paying down and eliminating further debt

Most of us have at least one charge card.  The idea with a charge card is to purchase something when we don’t have the available cash to do so.  This has a small good point….. you can get the sale price, and you don’t have to carry cash around.  But….. the bad point is if you purchase an item(s) and then the bill comes due, but you don’t have the money to pay for the item in full as well on time.

The only way to use a charge card is ….. purchase the needed item, and when the bill comes due, pay it in full, and before the due date.

This means you’re paying only for the item.  You aren’t paying finance charges on the outstanding balance nor are you paying a late fee.  These added charges are not only a waste of money, but over time add up, piling fee upon fee and putting you in debt….. debt that mounts and puts you in a financial hole which can – and has for some – taken them years to get out of. And, for some, with their continued use of the credit card as well as their continued behavior of only paying the minimum and/or paying late, puts them in financial ruin for life.

Do not do this to yourself!

Only use your credit card in an emergency and pay for what you spent in full and on time when the bill comes in. This is the ONLY way to use a credit card.

Doing this will mean that you have less stress, and shows that you are disciplined at living within your means. It will also reflect on your Credit Score.

If you are already in financial debt because of your credit card history, now is the time to shred the card(s).  Work on paying down your outstanding debt…. pay more than the minimum due and do so before the due date.  This will, eventually, pay the card off.  It will also, hopefully, teach you to never put yourself in that position again.

Discipline is the key word here.