Credit Card Debt

How Credit Cards Become Debt Traps

It’s estimated that some 60 million American households regularly carry outstanding credit card balances. According to a WalletHub study, the average household’s credit card balance is $8,425. We know what this means: Carrying a balance (meaning you don’t pay off your total amount due every month) incurs interest (meaning you’re actually paying more than you owe on your card). But why are so many of us falling prey to...

Is It Okay To Pay Just The Minimum On Credit Card Debt?

Whether your financial goals are as simple as building a small emergency fund or as complex as savings and investments for retirement, few things can derail your plan faster than debt. That is why most experts and financial planners suggest prioritizing debt repayment first, before many other goals, and recommend paying down that debt as fast as possible.  But not all debt is created equal, and a good debt...

I Missed a Credit Card Payment… So What?

We talk a lot about paying your credit card bills on time. Why?  Because it’s REALLY important when taking control of your financial life. By knowing when your bills are due and getting into the habit of paying them by the deadline, you’ll reduce your stress. You can also save money, boost your credit score, and position yourself for lower-interest credit in the future.  Those positive reinforcements should be...

What to Do After You Pay Down Your Debt

You did it. It took discipline and patience. You had to give up a lot of little “extras.” It wasn’t always easy. But you stayed the course, and you’ve finally done it: Your high-interest credit card debt is gone.  So, how do you keep debt from coming back? Should you adopt a strict “cash-only” policy? Should you cut up all of your credit cards? Should you close all of...

Are You Ready for Another Credit Card? Six Questions to Ask Yourself

When mulling whether or not procure an additional credit card, there are several important factors to consider. After all, taking on additional credit usually means you’ll soon be accruing additional debt, which is something that should be entered into responsibly and only after you are fully aware of what you’re getting yourself into and what that might mean for your financial situation. In this post, we’ll discuss the pros...

Have Debt? You Can Still Live Your Life

8 Smart Moves to Make After You Pay Off Your Credit Card

8 Smart Moves to Make After You Pay Off Your Credit Card It wasn’t easy. You budgeted, saved, and budgeted some more. You didn’t give up, even when you felt discouraged. It may have taken months. Or years. Some days, it seemed impossible. But you finally did it: You paid off your credit card. So, now what? What do you do with the extra hundred or so dollars you...

Surprising Ways You Waste Money

You may consider yourself somewhat frugal: You don’t spend piles of cash on fancy vacations, new cars, or luxury items. You aren’t house poor. You don’t buy lottery tickets and you’ve curbed your Starbucks addiction. You try to eat at home most nights a week. But somehow, you still end up with less money than you’d like at the end of each month. What gives?  Chances are good that...

The Most Popular Credit Card Scams

There’s more to being financially responsible than budgeting. Staying on top of your finances also means knowing how to keep your money and personal information safe from the prying eyes of would-be scammers and thieves. In most cases, credit card scams depend on catching you off guard; using fear and stress to convince you to hand over your money, PIN, or credit card number. The best way to avoid...

A to Z Guide of Staying Out of Debt

The key to staying out of debt is to keep a better handle on your finances through things like spending less, budgeting, and saving money. It takes work, but it’s not impossible. And you might be surprised by how many small things you can do to work toward a debt-free lifestyle. Just for fun, I thought I’d break things down alphabetically, so here’s your official A to Z guide...