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My husband and I are on the road to get rid of our debt! We just sold our house and paid off "one" of our biggest credit cards and now we are going to start on the others. I know they say to start with the smallest and do the snowball thing but I need ideas to get more cash flow going. We are on a budget but not much extra left to put towards debt. Any ideas?
Hi Bubba... I can relate to your comment of paying off all the cc more than once! No we haven't checked with any cc services. I don't feel we really need it. It sounds weird but we need to feel the pain maybe we will learn this time :)
Robbilyn,
Get in touch with the "WHY" of making credit card purchases. We buy for any number of reasons, good and not-so-good. Make a list of the last 5 items you purchased on your credit card and examine why those purchases were made, and why they were charged on your credit card. You might discover a pattern of spending you need to change.
You might want to look at your cards and your interest rates and even consider transferring them to lower interest cards. I don't know if you are just trying to get rid of debt or if you are trying to improve your credit so you want to monitor what will help or hurt you. It might be worthwhile to switch some of your debt to low or no interest cards. Putting 1-3 smaller cards on one larger card lowers your minimum payment, allowing you to pay more and lower your debt quicker. You also want to watch that your credit card balance stay at 75% of the limit or less. 50% is even better. I had a banker tell me that alone could raise your credit by as much as 100 points. Be careful switching too much though as "new credit" accounts for 10% of your rating according to some.
I've been in the process of setting up a budget for my family of 8. As Gymgirl said, part of that is looking at what you buy. I've always heard you just pay cash for things because it's more painful to spend it. LOL Save your credit cards for large purchase and emergencies.
I agree with bad seed. Save the credit cards for LARGE purchases that you can pay off on time and ahead of schedule) and Emergencies (like if your pipe bursts and the house is flooding, and the cat gets traumatized by the water and has to go to therapy).
