Credit Card Check List in Unstable Economic Times
If you have watched any TV, read the newspaper or even listened to the radio in recent weeks, you may be thinking that we are nearing another great depression with the way all the analysts are trying to get you to panic.
While a lot of this is media hype, that doesn't mean it can't be some form of call to action for you. This is a great time to take a look at your credit cards, your debt and get your financial house in order. This may be a time to learn more about the best balance transfer credit cards and the best rewards credit cards out there.
Check Your Debt
Do you know what your credit card debt is? How about your other debt? You should really make sure you know what you owe and have a plan in mind about how you are going to pay it off.
Pay it Down
Once you know your debt, you need to start to pay it down. While you may not believe we are going into a depression, it doesn't hurt to have better control over your finances so you are not going to get deeper in debt if things do get worse.
If you are currently paying on a number debts at the same time, and the interest is eating into what you are really paying on the principal, it may be time to consider a balance transfer credit card. Some of the best balance transfer credit cards out there offer 0% interest on transferred balances. Taking advantage of these cards will mean you can pay more on the principal and less on the interest.
Know your line of credit (to use in case you need to)
While we are not advising going out on a spending spree, it's good to know just what you owe and how much credit you have left. If the worst should happen and you were to lose your job or have some other financial disaster, you would be able to use your line of credit to get by for a little while, as you get your feet back on the ground.
Use rewards credit cards (to get more with what you have)
While many people are trying to cut back on spending, why shouldn't you get more out of spending you are going to be doing anyways? Transfer as many of your household payments as you can to your best rewards credit cards. Pay that amount to the credit card every month so they don't gain interest, and then reap the rewards from your cards to get more things you want or need.
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