There are some tips:
1. Spend within the means.
2. Reduce the number of credit cards.
3.Instead of paying to all credit cards start closing one by one.
4. Have a close look to the bills. Credit card companies charge heavily to the defaulters. They even charge interest @ 10 to 15 times more than the federal rate.
5. Save in both your good and bad times.
You are correct the use of credit card might some times might give a huge loss to us. The credit cards must be used when required.
Dear:JYOTI KOTHARI Am sorry but you also wrong credit cards paid never has to be close hwo you credit score it is going to improve if you close your credit cards never close a credit line it going to be a good advise negociate with your creditors this it is a good time to negociating with your creditors.
Good tips you have here Jyoti Kothari. Saving your money in both good and bad times is easy and crucial.
If you find yourself spending more than you are earning, then you are headed for big financial troubles ahead and you should do something about it now and not tomorrow.
If you are earning more than you are spending, then there should be no reason why you shouldn’t continue spending and using your credit cards – enjoy life now because tomorrow might be too late. If we all stopped spending, this will only compound more the current credit crunch and even your money saved under the mattress will be in trouble.
These are the suggestions based on expert advice and experience. The people follow. will be benefited.
This is good advise to follow especially in this bad time.
1.We may learn to save.
2. Control on our expenditure.
3. Follow rich daddy's advice.
4. beware of consumer culture.
don't use credit cards, cut them up. If you can't afford something then don't buy it - SIMPLE
It's good advice if you aren't already in trouble with credit cards. But most people are already in trouble with them.
Also, 'spend within your means' isn't helpful if you have no means through job loss or poverty.
Yes, don't get started with credit cards. Good advice for people who never got started with them. For everyone else, it's just judgmental. It's not helpful.
They hit up 18 year olds straight out of high school with credit card offers to get them hooked. Another favorite (believe it or not) is recently bankrupted people.
One thing I would say, is that, since my one ex was Georgian from the former USSR, I know that people from (for lack of a better term) less westernized, developed nations actually DO these things that Jyoti Kothari suggests. I have never, never seen such a frugal person, and I come from a family of frugals (ie, my retired parents SAVED quite a bit of money off a combined SS income of $1200 per month).
Of course, it always helps to be young, healthy and relatively poor, though, too. And we were. You don't have to spend when you don't need much.
Nice advice Jyoti. These are really good rules to follow.
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Most of the forum subscribers are agreed with the basic rules instead of some exceptions. There are exceptions in each and every field but golden rules are to be followed.
If one has no means by job loss, credit card companies will also stop to provide them with money. Savings help.
If you are earning more than your expenses you need not to have credit cards!! This is the crunch. You can then buy cash.
Good points...whenever I do use the card I pay it off at months end.
Credit cards are all scams. Now if you are a business owner, I understand using it to finance your business on a short-term basis but always use debit cards if you can. Never spend the money you don't have.
Using debit cards is a smart way. Even thugs are unable to snatch it from you.
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