For The Past Six Years I'Ve Indulged Myself, Using Credit

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For the past six years I 've indulged myself, using credit cards for anything I couldn 't afford on my disability income. The credit cards were all maxed out, putting me over $13,700.00 in debt. Making minimum monthly payments on my high interest-bearing cards, my balances trickled down. I was even using my Walmart card to buy groceries. In December 2008, my disability income was reduced by almost $100.00 per month because my Medicare premium is no longer being paid by the state. I panicked because I knew I 'd be hard-pressed to pay the minimum payments on all the bills and all my other expenses. I decided to check into a debt management plan. I checked first with one of the companies that make deals with my creditors. They would …show more content…

This is how I am able to put money in my savings account. For example, when I spend $6.00, I deduct $10.00 from my checking account, and note $4.00 for transfer to savings. That makes it simple for me. It adds up surprisingly quickly. Saying good-bye to using credit cards was a big step, even though I couldn 't use them very often because I was close to the limit. I feel much better now mow that I know it can be done. If you 're in a similar situation, drowning in debt and making minimum payments, you might want to consider a debt management program.
Credit cards are a convenient way to make purchases and dig ourselves into a hole that we cannot get out of. Learning how to use credit cards responsibly will save a lot of headaches and problem in the end. To begin with, do not use credit cards in everyday purchases. Yes, it does make things more convenient, but can lead you to a debt that you cannot afford. Using cash makes sure that you have the money and keeps you from falling into a hole of debt. Another mistake often made by some, is making only the minimum payment necessary on the account. Over time, this leads to balances from interest and other purchases to accrue into a debt never expected. It is always wise to pay your bill in full or pay more than required. For some reason, people get the idea that living on credit is ok. Well, it may be for the short term, but overtime the debt builds to an amount way

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