Keep larger receipts and monitor
Review credit card statements monthly for any interest increases and any credit card policy change notifications….if interest has increased call creditor to reduce or get new credit card
If continually late on payments call creditors to change payment due date to a more convenient time to avoid late fees and penalties. Cut up and cancel unused credit and store cards
Use store coupons wherever possible. Always shop using a list and shop alone…no impulse buying. Comparison shop all major purchases. Always live below your means to allow for financial/work downturns
Set up monthly budget and stick to it (allow reserves for emergencies). Review budget periodically to account for inflation or new expenses
Avoid impulse spending…if discretionary sit on it for 30 days to make sure it’s needed. Keep well below credit limits …20% of available line. Cut up unused cards and voluntarily ask creditors to close accounts & provide letter
Bring delinquent accounts to current status asap. Pay off accounts that are public records (tax liens and judgments), charge-offs and collections asap. Negotiate settlements where possible
Be honest and admit there is a problem and develop a strategy. Only spend what you can buy w/cash or pay off in full each month (see budget) learn to live within your means (lifestyle adjustments)
If paying less than entire monthly credit card payment, always pay more than minimum eg: used 1 time for $500 debt @15% int, paying min pmt (2%), = 6-1/2 yrs, $800
Look for ways to cut spending on non-essentials (establish priorities: new vs. used, soda/coffee/donut/cigarettes /candy bar, etc). Start putting aside savings (10%) each week or month (save for a rainy day)
