Archive for the ‘Credit Card Management’ Category

Getting Out of Debt vs. Saving Money

Posted June 15, 2009 by Bernz

There are two conflicting tips that are offered by financial experts during these turbulent economic times. The first is to pay off your debts and to save money. For an individual who is already overextended, how would you know which one you should prioritize? Well, each situation is unique and it is difficult to generalize when it comes to situation of each person.

debtorsave

However, there are several questions you need to ask yourself before making the decision:

• How much do you have in your savings right now?
• How much money do you owe?
• How much interest are you paying for your debts?
• How much are you earning every month?
• How secure is your source of income?

Essentially, people who are not worried about losing their current source of income in the near future should focus on debt repayment. They should start paying off the debts with the highest interest such as credit cards before moving to secured debts. In addition, if the amount of debt you owe is easily payable within one or two months, don’t put it off because it is just a waste of interest money. The main point is, you should plan debt repayments thoroughly and carefully. (more…)

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Managing Our Credit Cards – Are we Disciplined?

Posted April 7, 2009 by Bernz

I will never apply for another credit card again….. Really?

Well, yesterday afternoon I broke this rule. I have never open up a new credit card in almost 4 years. My wife and I only uses American Express card whenever we go shopping and pay this card in full every month. We like AMEX the fact that this is the only credit card that Cosco accepts and we do shop there almost every week.

credit-cards

As I said we decided on opening up a new credit card yesterday. A store credit card in fact! We were buying some stuffs for the Kids and the store was offering a whopping 40% additional discount if we open and actually use their store credit card, and the offer was good for yesterday’s purchases only. I was not very thrilled about this but the wife thinks it was well worth it.

This incident prompted me to write about how we can best manage our credit cards. Hope you find these tips helpful as we’ve use these ourselves in managing our credit cards when we use to have about 10 of them ourselves combined. (more…)

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