June 5, 2005

Having some form of credit card debt is one thing, but how do you know when your credit card spending is starting to become a problem? Well it should be noted that if roughly 15% of your monthly wage is going towards paying off your credit card bill, then you have stepped into the danger zone. But a more dangerous way of dealing with it is by borrowing from one credit card to give to another, you will not be clearing your debt you will only be adding to it.

If you are reading through this article and are starting to note some comparisons with your own financial position, then it might be about time that you started to get your act together, with your financial affairs.

Though don’t think that you are alone in this way of dealing with your debt, because almost 40% of credit card holders will find themselves in the same position as you, down to the fact of only paying the minimum asked for each month from the credit card company.

So what can I do to get myself back on an even keel?

I hear you ask. Well first things first stop using the credit card to make any more purchases, if you cant then try and cut back on the spending as much as possible.

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One of the main uses for the credit card these days is for everyday things like petrol and groceries. So by showing you how to cut back on these you will start to notice the difference in your pocket and your health.

Firstly the car, if you can walk to where you are heading, probably to the local supermarket for the groceries, then do so, you will not only save cash on petrol you will get fitter and you will also be doing your little bit for the environment.

You have walked to the supermarket; you are now feeling proud of yourself, now you have to keep it going, you dip into your bag or pocket for those money off coupons, thinking that you are doing this to save a further bit of cash that can go towards your credit card debt, but that cant be further from the truth.

The money off vouchers that you have clutched in your hand, are for brand name goods that are overpriced in the first place and you will still be cheaper heading for the supermarkets own brand goods. Though if you can avoid processed food altogether, then you will be doing your body a huge favour.

Another product that you will save a good chunk of your monthly expenditure will be soft drinks, not only are they an expensive way to quench a thirst, think of the damage that they are doing to your teeth and the little wobble that they are starting to add to your midriff, water will do the purpose that it was meant for and will do it better.

Remember don’t think that you have done well and you will treat yourself to a meal from your local takeaway, as you will only be succeeding in giving them what you are trying to save. Your credit card debt is your main aim, so the sooner you get that under control, the sooner you can get the odd little treat and just remember, take a WALK to get it.