Stemming Credit Card Debtby Mary Ann Romans | More from this Blogger 25 Feb 2008 10:56 AM Do you need to get a hold on your credit card expenses? Credit cards are one of the leading causes for financial problems. I can't say enough about paying them off as soon as possible and not racking up new debt. Here are some ways to get the outward money flow under control. Many experts tell you to freeze that credit card in the freezer or leave it at home so you won't be tempted to use to to spend, spend, spend. But, what if you have an emergency that requires a credit card while you are out? Perhaps your car breaks down or some other serious event takes place and you need to use a credit card. Here is a simple solution. Seal that credit card in an envelope. Tape the envelope closed. Write this message on the envelope, "For EMERGENCY use only." Then underneath write your frugal goal to make you think twice about using the card. A typical goal might be something like: Save $100 a month, save for a home, be out of debt and worry free. Hopefully, this idea will keep you from using your credit card to shop, but it will still give you peace of mind to know that you are prepared for a real emergency. Think twice about those reward cards. Those incentives are there in the hopes that you will keep spending more and more on the cards and then pay more and more on the interest on your debt. Many of those reward cards have really high interest rates, so don't be tempted to use the excuse of earning a reward to shops and spend more than you should. Never buy anything that you can't pay for in cash. Now I admit that in my family, we do have a mortgage and a car loan, but there is really nothing else that we buy if we don't already have the money sitting in the bank. Using a credit card and then delaying the full payment can make your purchase cost two or three times as much as you originally thought. Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here. Related Articles: Free Credit Counseling and Credit Unions Learn more about Mary Ann Romans  Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat. Relevantfrugal tags User Comments No comments on this article yet. Be the first to comment! Community Tags credit card, debt, frugal, save, thrifty Discuss this article
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