Christian Web Site      
Powered by
Google

Search WWW Search surfinthespirit.com
 
  Four Steps to Credit Card Freedom Monday, October 23rd, 2017  


The average household carries $8,650 of credit card debt. More and more, that debt is incurred for the basics of living (rent, groceries, etc.). A vicious cycle of just about making it out of debt, another crisis, and once again the credit card is used just for keeping the family intact. The original plan all of us had was just having a credit card for the simplicity of use on large purchases. It was not meant as a means of long term borrowing, but that is what is has become, a high interest rate loan that you probably have to pay an annual fee for the privilege of staying in debt. Then there is the fine print fees should you miss a payment or be late in a payment. It is time to rid yourself of this burden.
  1. Stop buying. Train yourself to browse the things you want and shop for the things you need. The secret of course is knowing the difference. A simple first measure in determining need versus want, who benefits from the purchase, just you or the entire family. Wait a day or two before making any purchase if not a family need. Impulse buys are wants not needs. Work with your spouse to stay within budgetary guidelines and limits ( see step 4 and budgetary help tools in this section). No shopping alone, make it a family event or maybe, a time for you and your spouse to escape the family and have moment to talk and hold hands.

  2. Get out the scissors and cut up all but one of your cards. Put the one with the lowest interest rate in a locked in a box with the Second Commandment written on top of it. Do not even think about the offers that will come in when you stop using the cards let alone the offers for new credit cards with low introductory rates. Repeat the Lord's Prayer and throw them away.

  3. Analyze your credit card statements. Make a chart showing the interest rate, amount owed, and any annual fees. Normally you should pay off the ones with the highest interest rates first. However, if there are ones with annual fees that can be paid off before the fee is due, do it. Pay the maximum you can reasonably afford on the chosen card after paying the minimum payment on the remaining cards. Don't be afraid to talk to your creditors. They just might give you a reduced interest rate or some other relief. One step at a time, one credit card at a time equals financial freedom. As you pay off your debt take pride in your achievement.

  4. Learn to live on a budget and within your means. A monthly budget is useless if it exceeds household income or doesn't include a regular savings for the inevitable rainy day (when your car breaks down). Use cash when you can. Using envelopes works. You can see exactly how much you have left to spend. Look at it before you reach. Don't get in the habit of "borrowing" from one expense to pay for another. Adjust your budget. It takes time to find a true budget that fits your household. And remember, it is a household budget. Include them in all budget decisions so that your children well trained in all the principles of Christian living including living in the blessed freedom of a debt free lifestyle.




Site copyright© 2002-2017, Surf-in-the-Spirit. All rights reserved.

  Christian Finance Navigation

    Financial What Ifs
    The Christian And Debt
    Good Debt, Bad Debt
    The Envelope System
    The Household Budget
    Budget With Coupons
    Budget Calculator
    What You Owe
    Honest Treasure
    The Cost Of Raising A Child
    Bank Account Options
    Rich And/Or Poor
    Money When You Die - Humor



4 Steps to Credit Card Freedom
The Problem With Money
Debt to Income Ratio
Debt to Income Ratio Calculator
Make A Financial Map
Financial Planning
A Financial Covenant with God
Lending Money
Charging Interest
Cosigning A Loan
Simple Loan Calculator
Investing In Wall Street

Before You Invest
Investor's Checklist
Should We Save Or Give?
Monthly Savings Calculator
Guidelines For Spending
If You Have...
Finer Than Wealth
The Widow's Offering
Paper - What To Keep
Bible Quotes: Money
Identity Theft
Average Consumers

Net Worth Calculator
Home Mortgage Types
Mortgage Refinance
Should You Refinance?
Mortgage Insurance
Mortgage Payoff Calculator
Home Ownership Advantages
Mortgage Tax Deduction
Reverse Mortgage For Seniors
Retirement Calculator
Materialism, Man and Morality
Giving Less Than a Tithe?
Christian Financial Reading
  Choose A Topic

    Advice For Christians
    Read The Bible Online
    Work And Business
    Christian Charity
    Church Life

Christian Education
Entertainment
Your Environment
Your Finances
Healthy Living

Christian Home
Christian Music
Parenting
Spirituality
You And The Web

Christian Art And Literature
Just For Teens
Just For Kids
Family Fun
Christian Webmasters

  Other Resources Section


blog

Christian consolidation debt

garcinia cambogia pure extract

How To Lose Weight Fast

Drops Hcg

               © 2001-2017 SurfintheSpirit.com  All rights reserved.