Never take cash advances to pay off other credit card bills. Thoroughly read and understand all terms and conditions before accepting any new credit
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
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)
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
Don’t carry credit cards with you except when you have planned to make a specific needed purchase. Access your overall lifestyle to see if it’s commensurate to your income, and make adjustments if necessary
Set up monthly budget and stick to it (allow reserves for emergencies). Review budget periodically to account for inflation or new expenses
Avoid excessive inquiries and opening new accounts…indicates possible desperation.
Keep larger receipts and monitor
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
