Once I started this blog I cut up all my credit cards. I also can't get on the internet banking and transfer money from any of my credit cards to bank accounts. The other thing that I do to stop myself from using them is that once I get an amount paid down, say $500.00, I ring the bank and get them to reduce the credit limit on the card. My Citibank card balance was $14,000.00 when I started, now the credit limit is $10,000.00.
Just another tip ;)
Just another tip ;)
6 comments:
That's a great tip, thanks.
These are great tips, especially the limit reductions & removing the cards from internet banking! I need to do that for my credit card that's with the same bank as my regular banking.
I do the same thing although my bank told me that some companies look at it negatively and if you asked them to raise your limit again they may deny you. She said that they see it as a sign that you can't manage your money. Who cares though right? I have no plans to get into so much debt again!
Seriously! How can you rack up that much credit card debt? Just wondering....
The Motor City - same way every one does, live beyond my means. Doesnt mean I'm proud of it, or that I want to be in this situation, but here I am.
Debt by destruction - exactly! I don't plan on asking them to increase my limit - I plan on getting rid of the damn card.
I'm not sure about this. Doesn't it affect your debt/credit ratio? I mean if you are extended to the max on all your credit wouldn't it negatively affect your credit score?
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