If you need to use credit to buy everything, you would be wise to control spending by questioning whether or not you actually need this particular item or is it just something you want.
You will probably need to consolidate all of your credit card debt onto one low interest credit card and quit using all of the other high interest credit cards you have. When you have only one low interest monthly payment, it may be easier to pay off the debt at a faster pace by increasing the amount of the payment you are making.
The resulting credit card debt from several maxed out high interest credit cards can cause an intense amount of pressure in anyone's life. It is a necessity for all of us to stop spending beyond our means and start a financial plan which involves using credit cards on an emergency basis only. By recording all of our monthly expenses on a spreadsheet and keeping track of everything we spend any money on for a month, we can begin to make a useful financial plan. We have to see where some of our money could have been used to pay down credit card debt after paying for the normal living expenses, instead of buying unnecessary items. It is wise to plan our financial future by living within our means and staying on a budget that does not include any more credit card debt.
You will no longer live your life in fear of your monthly credit card bills if you pay your credit cards on a weekly basis, and this will also get your credit cards paid off more quickly. This could also give you the freedom to save for the future and achieve bigger dreams and goals, plus it will also give you an excellent credit rating to help you make your financial dreams come true. You need to deal with your own credit card debt on a personal basis because there is no one else who can do it for you.
The move to pay off the credit card with the highest interest rate makes the best sense if you are trying to get rid of credit card debt. You may be able to get your finances into better order if you check to see exactly what the interest rates are on the credit card debt you are paying on.
Get rid of all those high interest credit cards and take more control of your finances in order to have a much better future. The feeling of freedom to achieve your dreams is given to you when you have your finances and the circumstances that affect them under control.
Alisdair Cosgrove interests include debt relief, loans and other personal finance topics and has been writing for numerous years and can find more of his debt work at www.tfgi.com, offering debt consolidation loans and also debt help services. Visit today for more advice on many debt consolidation and relief topics.
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Is credit card debt considered an open account or a written contract?
I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80's or early 90's. Thanks.
Answer
Spiff! Man you are starting to disappoint me something terrible!
The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything.
An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400.....and each month you have a varying amount of payment. You can pay it off, and then run it right back up again....that's why they call it a 'revolving" line of credit.
This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts.
Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below.
Once again....poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.
answer? Do not hesitate to help others and answer below.
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You would have to default on your credit cards which hurts bad.
Have you considered a debt consolidation loan, or a no-collateral signature loan? This would help your credit a lot and spread out the payments over a longer period of time. HOWEVER, you can't run the cards back up again.