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Are you using credit cards the right way?
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My question of the day…are you using credit cards the right way? Just in case you hadn’t noticed, the rules are changing. The credit card companies are getting tough and making it more difficult on credit card users so maybe its time for you to rethink your strategy about how you use credit cards. So many of us have gotten so spoiled by easy credit and we have come to think of credit cards as supplemental income not the loans they really are.
If you have fallen into that trap, it’s time to get out. Start the process by creating a budget so that you know how much money is coming in and how much needs to go out. If you have more money coming in than going out, develop a plan to pay off your credit cards. But if you have more going out than coming in, you will need to make some changes to get your expenses in line with your income and you may have to make some tough decisions like downsizing your lifestyle until you reach that point. The ultimate goal is to begin living below your means so that you, not the credit card companies, will be in control of your destiny.
“Remember, if you don’t mind your money, someone else will, and then they will control you future!” ps
Got a burning money question or an idea for an article? Send me an email at ps@mindingyourmoney.net or post a comment below.
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