No.
If you're a woman you propably have been on a diet at some point. Remember how you promised to start eating healthy and never eat junk food again. Sounds so easy, but it's not.
I've seen Suze Orman on Oprah a couple of times and she has given some good advise on how to get out of debt. Suze's advises are for people living in US and since I live in Europe not all her advices are directly applicable. However, I agree mostly with her advises on how to manage (credit card) debt.
I have two credit cards at the moment and what I am going to do is to cancel the other one, so I can't make more debt on it. Suze warns you not cancel cards so that your credit score (called FICO score in the USA) doesn't go down. However in my case I am not in need of any bank loan now and the bank can not change my mortgage terms on their own, so I have nothing to lose there at the moment. The other credit card I will still need to have because I have no emergency funds what so ever.. But I have taken this card out of wallet and sealed it in an envelope so that I am not to use it unless there actually is an emergency. I have also deleted my credit card information from all the online shops I have been using.
Now, I will pay minimum on the cancelled card and as much as I can for the active card. In addition of paying the minimum on the credit card bill, I will make another payment on my payday, paying everything I have left from the previous salary.
Does this make sense to you? Please leave a comment.
No comments:
Post a Comment