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Economic survival or how to manage your credit cards

May 5, 2009 by  

Economic survival or how to manage your credit cards As the recession continues, it may be useful to review a few steps that may help protect individuals’ financial assets during this difficult time.

According to experts from the Illinois CPA Society, one of the key elements of financial well-being is taking control of one’s credit cards.

In that vein, they provide simple suggestions to keep in mind when reviewing one’s credit card activities.

It all begins with reading the fine print and all correspondence from your credit card companies, they say. Reviewing statements for suspicious charges and interest rate hikes is also a good idea.

It is furthermore important to keep an eye on the annual percentage rate and be skeptical of low rates offered only for the first three to six months.

Related to that is the importance of shopping around and comparing the terms offered by several different credit cards.

Perhaps the key to getting your credit card bills under control, say the society’s experts, is reducing the number of cards, keeping low limits and paying as much as possible each month, or at least more than the minimum.

Finally, every credit card holder can enhance the protection of their credit history by requesting a free copy of their credit report at least once a year.
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  • http://www.billeo.com/ Lisa Cox

    Nice Post! Its a great article. Nowadays people are a little wary of shopping and paying bills online due to security issues. But my apprehension was put to rest when a coworker suggested Billeo. Its safe, helps me pay my bills and does a good job saving passwords. Also has nifty features like storing receipts, payment reminders etc.http://www.billeo.com/

  • Monika

    I have been using Quicken for 10 years now, upgrading every year and downloading checking, savings, credit card acitivities on the daily basis is the best way to keep control over finances. Setting up the budget and alarms when limits are being approached is one of the many features that program has. I have never missed a payment, never been late and can schedule payment for 2-4 weeks ahead if I have to go on vacation.
    “control over credit cards” sounds like control over alcohol or drugs. It’s not the same, if everyone sets up the budget, make sure that spendings are lower than income, there will be not problem with “control over credit cards”. Let’s not follow our unresponsible, uneducated and de-touched from reality government in living over the limits and waiting for everyone else to pay our bills.

  • Mr M

    Not everyone is familiar with the banking systems cartel and its illegal way of charging over the top interest rates and late fees on money that they literally create out of the nothing. These banking thugs feel that it is sure nice to know that the average person in America buys into the theme of how you cannot live without “their” card, or “you can not leave home without it”. The next time you hear the bankers whine about a bail out, consider the tens of millions who borrow money and make payments in excess of 20 percent on interest charged. Most people around the world have paid back more then their fair share of their balance owed these greedy thieves and surely have paid back ten times what they originally borrowed.Anyone interested should take the time to read “The Creature from Jekyll Island” by G. Edward Griffith. If you don’t like to read, check it out on U-Tube, there is a 70 min. audio version.

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