Many young people have college degrees and while it is possible to come up with a great deal of credit cards, finding a way to use that credit should be your sole goal.
You have to look at the whole credit card business and realise that this is where a lot of people fall short in the right way.
While having college degrees is a good thing, there is always the danger that it could lead to financial problems if you don’t manage to stick to your plan and keep the credit card balance between you and your card. Below are 7 ways that you can really save a little money in the short term by getting a high interest credit card without the worries of higher spending.
1. Apply for an American Express Blue Sky from American Express. This type of interest free credit card makes a good choice for people with less than stellar credit histories.
2. When you first get your American Express Blue Sky from American Express, you can apply for a rewards basis credit card.
3. When you apply to receive an introductory offer on the American Express Blue Sky from American Express, you can apply for a cash back based card and get a half for every dollar spent on the card.
4. When you are an American Express Blue Sky card holder, you can apply for a membership to an affiliate’s credit card program.
5. When you have only one American Express Blue Sky card to keep in hand, you can apply for a 0 APR balance transfer credit card.
6. In your application to receive an introductory offer, you can request that additional credit card miles be delivered to you.
7. For better or worse, you can apply for an affinity partner credit card account.
None of these strategies are without their high upfront costs. Keep in mind that while all of them will benefit you financially only one will hurt you. All of them will increase your overall debt, thus allowing you to keep spending until you do.
When you want to get serious about saving $15, $25, $100, etc. you need to talk with your lender and learn to pay down your existing debt or save yourself from bankruptcy.
5 Ways to Cut Through Your Credit Card Debt
If you take a few minutes to fill out an application online, here are 5 ways to cut through your daily credit card expenses.
1. Pay off your credit card balance monthly and on average weekly
Payment of the minimum amount you owe on each card each month can cut back significantly to your normal monthly payments or you could just switch cards temporarily. Credit card companies know that with a huge influx of clients they will cut in half of the income they make.
2. Cut down some of the interest you pay on your credit card bills
That single interest expense can dramatically cut against your debt, particularly if you have balances on other credit cards. You could simply pay down all of your cards, or only one card each month.
3. Reduce your debt by reducing your monthly cable and telephone expenses
Debts that are incurred through overspending on credit cards or other sources will reflect onto your credit line and this will lower the bill you receive.
4. Be extra diligent in paying back more than what you owe
Once you have paid off your account you should try to pay $500 or more per month, taking an extra 15 days or even more.
5. Eliminate any and all extra financial strain from your life by taking control of your finances
This step is also very easy but you can do it more effectively by controlling your expenses and paying off all of your credit card debt monthly rather than just one card each month. The result will be a lower monthly payment so more people will be able to save money this way in the future.
So now you know five ways to clear your credit card debt and what you can do to cut your credit card expenses.
So here are 5 great strategies to get rid of credit card debt.
1. Pay off your credit card balance monthly
With your debt being reduced you will experience a much lower monthly payment than most people believe.
2. Cut down your minimum monthly minimum payment
If you can follow this simple plan you will be able to cut down on your balance transfer and prevent your debt from even trickling in again.
3. Go without credit for a few months
This is probably the most important step to reduce your costs without adding any new debt.
4. See a credit counselor
Consult with your financial counselor prior to going to any credit counseling programs so that you can improve the amount or rate of their services.