Friday, February 23, 2007

Play the Credit Card Game and WIN

Credit cards are fast becoming a blight on the American economy, but they also assist excite growth. The problem come ups when users are forced to (or voluntarily) overspend and get the never ending rhythm of paying less than the full balance on the credit card. At this point you officially have got credit card debt.

When we got married we had over $34,000 in outstanding debts, much of it on credit cards. After sitting down to have got a good outcry I got things into perspective. With a solid program and the determination to lodge with it, we could have got those debts completely paid off within a couple of years.

The clip it takes to unclutter those debts depends on your income and ability to pare other disbursals in order to funnel as much money as possible toward those debts. It makes NOT mean value that you will have got no life and no fun. You will have got to do tough picks so your life should be different, but you can always do it fun.

There are respective ways to play the credit card game and win. You can consolidate your balances into a lower interest loan, you could refinance your mortgage and axial rotation those debts into your home loan, or you could play the game of transferring higher interest balances to low or zero interest credit cards. I chose the latter option, you will need to see which option is best for you based on your ain credit rating, your ability to secure low interest loans, your ability to refund and most importantly, your degree of discipline.

If you have got no subject when it come ups to money, then the procedure of transferring balances could be hard for you, as it necessitates you to pay attention to when your nothing interest credit card offer runs out and move that balance to the adjacent card at the right time. If this is too clip consuming for you, then you’ll definitely desire to look into refinancing your mortgage or getting a consolidation loan to cover all your credit cards.

I love numbers, I love math, and playing with money like this is a game for me not a chore. So transferring balances to new credit cards every few calendar months was fun. Watching those balances shrivel as I paid nothing interest the full clip was a thrill. I felt winning over the credit card companies… and over my debt. As a consequence we paid off over $34,000 in debts in about 18 months. When you’re not paying any interest and you don’t isolated from the program it can work. It really can. You don’t have got to love the game in order to win it. You just have got to maintain playing and don’t lose sight of the goal. Wage off the debt.


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