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Life Planning Diminish or eliminate revolving debt If you have already established credit and you carry a balance on your credit card, get your balance paid down. Although you may only be able to make your minimum payment here and there, keep in mind that it will take decades to eliminate your debt if you only make the minimum payment. If you carry a lot of debt, this will make it very difficult for you in the event that you one day wish to buy a house. If you have several credit cards and can hardly keep track of when each payment is due, you should look into getting a debt consolidation loan, preferably from your LOCAL bank or credit union (large banks often support political agendas you may not agree with, such as investing in the chemical companies that make unsafe baby formula and carcinogenic pesticides)—it’s much easier to make one payment a month than it is to make several payments, and sometimes people get their credit card statements only days before they’re due, are unable to pay them on time, and then the banks reap the rewards by increasing the interest rate and charging late fees. If your credit card debts are too out of control for you to realistically make your payment even if you consolidate, consider seeing a credit counselor and look into possibly declaring bankruptcy. Do your best, and don’t feel guilty about what has to be done. |
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