All About Debts

Credit card or plastic money is omnipresent today. Today they are treated as more of a necessity than just a commodity. Thus it is essential that you not only use them properly but also take proper care of them. The following list is a compilation of some tips on credit card management:

1. Never chose a particular credit card because your friend or someone else has chosen it. Instead base it on your needs.
2. Compare various credit cards before arriving at the right one for you.
3. Always sign at the back of your credit card, as soon as you receive it. This is an important credit card protection mechanism.
4. Protect sensitive information/details about your credit card e.g. PIN. Never reveal the details to anyone.
5. Destroy any mails containing such the details about your credit cards. Fraudsters might be scanning your garbage for such information.

Debt Help 6. Do not share your credit card with friends, family and others. Apply for supplementary cards if you require one for your family etc.

1. Never utilize more than 75% of your credit limit. This will help in containing your credit card debt and also in maintaining a good credit rating.
2. Be prompt in your payments. If you haven't received your monthly bill, enquire with your credit card supplier. Non-payments and late payments tarnish your credit rating.

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Counseling Debt 9. Never let your credit card go out of your sight.

1. There is no magic wand for debt elimination. So take measures for getting out of your credit card debt. This includes things like controlling your credit card usage, using cash on some occasions, debt consolidation etc.
2. In case your credit card gets lost or is stolen. Immediately inform (call) your credit card supplier to get it invalidated. Keep this phone number separate from your credit card.
3. Be prompt in advising the change of address to your credit card supplier.
4. Be aware of various offers / discounts that accompany your credit card. You never know when one might prove useful to you.
5. Do not mistake credit card for free money or a lottery. Remember that you will have to pay for it. So always stick to your budget.
6. Check if one of the special credit cards e.g. student credit card, small business credit card is better for you.
7. Always read all the instructions supplied with your credit card especially the ones related to fee/commissions etc.
8. Redeem membership rewards in time. Don't let the points get expired. Never leave them unutilized when closing your credit card account.
9. Take professional advice if you are too deep into credit card debt.
10. Never get lured by all the free offers on your credit card and end up spending thousands of bucks just to realize later that you can't actually pay it back in time.

Credit card and even more so Store card interest are set at exorbitant rates for one reason alone, companies make their money from the consumer’s inability to settle their card balances. Credit card debt is unsecured, whereas other debt like your mortgage is secured (your home acts as security against your debt). With credit card debt, there is no backing security, which means that credit card debt is high risk for banks and hence the high interest rates

Consolidation Consumer Debt 20. Never apply for too many credit cards just for fashion sake. Even you don't use them you might still be paying annual fees and them and moreover why keep something you don't need.

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Debt comes in many forms – personal loans, credit cards, vehicle finance arrangements and mortgage debt .

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