Credit Card Makeover
A look at our first financial education webinar of the year.
Quick – without looking it up, do you know how much you owe on all your credit cards? If you’re not sure, it could be a sign that you’re getting into credit card trouble. Not knowing how much you owe, or underestimating how much debt you have is one of the biggest tips offs that you need a credit card makeover.
A few other warning signs of credit card trouble:
- Charging more than you pay monthly
- Paying only the minimum due
- Charging what you used to buy with cash
- Feeling stress when you use your cards
- Draining savings to pay bills
- Making payments late
Just like you do preventative maintenance on yourself, your house or your car, you can also do things to keep your finances in tip top shape.
It’s time to make that budget. We know it’s not the most fun thing to do but if you don’t know where you’re spending your money, it’s impossible to get ahead. If you’re reliant on credit cards, it’s likely because you’re spending more than you’re earning.
- Did you know that you have access to a budgeting tool inside Online Banking? It’s called Money Manager. It’s easy to categorize your spending (so you can see where you spend your money), budget and set goals.
Need help keeping spending urges under control? Try these things:
- Leave your credit cards at home
- Don’t tie your credit card to your online accounts for auto payments
- Ask yourself if the purchase is essential, if not, then wait
- Budget for small rewards. If you’ve successfully cut out that morning Starbucks trip to save money, make sure to put aside a little bit for a treat now and then
- If all else fails, cancel your credit cards
So how do you delete your debt?
Pay extra starting with the account with lowest balance and highest interest rate. Then when that’s paid off, take what you’ve been paying extra and apply it to the next card.
Reduce Your Rates
Ask your creditors for a lower rate. It never hurts to ask and it’s always best to be pro-active.
Take advantage of a balance transfer offer – just be sure to read all the fine print and make sure you pay off the transferred amount during the promotional period to avoid fees and heavy interest fees.
Try a consolidation loan, a home equity loan or refinance.
Work with a credit counselor on a debt management plan
- Green Country has a relationship with Balance Financial for financial education. We encourage you to reach out to them if you need extra assistance. 1-888-456-2227, or online at BalancePro.org
As always, we’re here to help, give us a call and we can set up an appointment to go through things with you. We’ll share more tips from the webinar soon.
If you want to watch on your own, sign up for the next free webinar:
Credit Card Makeover: Getting Out of Debt on January 21 at 7:30 p.m.