Credit Card Debt Solution : Do not pay minimum payment for your credit cards
Posted on January 27, 2008
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If you want a credit card debt solution that works, the rules of thumb is really need to avoid to pay minimum payment for your credit cards.
Competition among local and foreign banks created an easy access to credit. If you do not plan your expenses wisely, you will be get caught in “bad debt” with your credit cards.
Image Credits: falconne
Numbers of credit cards holder who pay the minimum 5% of their total outstanding balance has increased significantly recent years. Your attitude of spend based on that you want and not based on what you need, reduce your capability to settle your outstanding bill by end of the months. What you do is just make the minimum payment…if you want a debt solution that works, you got to avoid this. Never, never make minimum payments.
More and more innovative ways have been launched by banks to attract credit cards holders. They will give you all kind of gift to attract you to sign up. Requirement for Gold Card have made to minimum. To me, Gold Cards is no longer a credit card that reflect your social status or your wealth.
You got to discipline and be responsible for your expenditures. Purchase based on your capability and settle the payment by end of the month. Do not make minimum payment. It will only snowball your bad debt!!!
Rule of thumb for Debt Solution: Do not make minimum payment for your outstanding credit card balance.
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Debt Solution Sharing was established in 2008 to share my personal debt solution from my previous experiences.
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