Home » Education

Keeping more of your money when Credit card companies move your cheese.

Ranked #9,524 in Education, #215,271 overall

Don't fall for the bait!

They are notorious for baiting and switching. Know what you are in for and save some of your hard earned cash. There are a number of relatively simple action steps that will lead to lower costs and more reasonable costs of using credit. Remember credit is a terrible master!
Basic steps:

1. Know what you owe.
2. Pay what you owe.
3. Owe no Mo :{ )
Unless you master it, your life can be made miserable
I want to share a couple of tips that have helped me save money over the years and can do the same for you.

Master your credit cards

Mastery of the little pieces of plastic is tough. Ease of credit conditions one to whip out the plastic and let it ride. The current economic climate behooves us to tame the plastic and tame the plastic senders. If you are looking for motivation try this. One thousand dollars at 4% interest yields the princely sum of $40.00 after one year. By the same token, One thousand dollars at 18% interest yields the princely sum of $180.00 after one year. The question is who will get what rate. Master your card and you can get that $40.00 in your account, don't master it and the same $1000.00 will generate a negative $$140.00 away from your back pocket and into the card. Multiply each by the number of thousands owed and get a feel for what is lost to your personal wealth building or credit repayment if your best rates are like the examples given. Many are worse on both sides of the equation.
Loading

$40 for a year is all you get for your grand on a well paying CD

$180 is what you pay for the priviledge of credit on a grand for a year

$180 is the credit cost of a grand for a year

Best credit card house or other card house money can buy!

Loading

New Guestbook

  • ajgodinho Feb 19, 2012 @ 4:26 pm | delete
    I love the convenience of plastic money and the rewards that come with it, but thankfully, I've never ever carried over my credit card balance. It's always paid in full every month and I continue to follow your 3 basic steps...sound advice!
  • karmicchristian Jan 29, 2012 @ 4:39 am | delete
    No mo cards for me pleaze! 'Say no to plastic' policy is extended even to my money!
  • goo2eyes Jan 20, 2012 @ 6:38 am | delete
    i make sure that i pay the total amt of my cc bill. don't want to wait for the deadline.
  • AwesomeAuthor Jan 16, 2012 @ 10:43 am | delete
    You are so right! about baiting and switching. It happens so often to good people who are never late with payments. Must do your research before applying. Thank you for your comment on, Saving Kitso Our Cat. Right now, he's taking a nap after eating his favorite food. Thanks again and have a great day!
  • ageloc120 Jan 8, 2012 @ 10:39 am | delete
    I consider it an advantage for not having a credit card in the past. I am still learning how credit card works before applying for one. Thanks for a "direct to the point" information.
  • kitty222 Jan 6, 2012 @ 11:38 pm | delete
    Very nice...Maybe add more content like tips on not racking up the credit card debt...Mostly what I do instead of using credit cards is just put a little money aside each month until I have enough to get what I want. It's a lesson in patience and delayed gratification more than anything.
  • COUNTRYLUTHIER Jan 16, 2012 @ 1:43 pm | delete
    Thanks, Looks like part of my last edit dropped out. I will definitely make content more relevant. Have an incredible 2012!
  • rauspitz Jan 5, 2012 @ 10:29 pm | delete
    Nice lens, concise and to the point.
Show All

Amazon

Loading

Keep the Finance Foxes out of your Financial Henhouse before it's too late!

Credit Card Fox Credit HenhouseInvest in some credit literacy. Read a copy of Money magazine or other financial publication. Get a financial calculator and run the numbers for yourself. See what a negative cashflow really means. You're worth it. Keep the crafty credit card Foxes out of your Financial Henhouse and reap the benefits of those golden eggs for yourself.

by

COUNTRYLUTHIER

Mississippian by birth and the Grace of God. Glad to meet you too! Currently a landlocked retired navy squid who has sailed the Atlantic, the Pacific,... more »

Feeling creative? Create a Lens!

Explore related pages

Related Tags