Tip # 23 Stop The Credit

My husband and I are no strangers to credit card debt. When we were first married we had several cards that we used at our leisure. We paid the minimums and thought we were doing fine. Then, when my husband got sick and had his first heart surgery, it all went down hill. We had no money coming in to cover the minimum payments and we got hit with late fees, and eventually one of the accounts was closed and put in collections. We paid about 3x what we had originally spent, and now when I look back, it wasn't worth it.

We now have 2 credit cards with low interest rates and low limits. We use them in case of emergencies and pay them off within 1 or 2 payments.

With credits cards at 19% and higher in interest these days, think before you use it. Better yet, don't even put it in your purse! Use it when times are tough to pay a bill, not to purchase shoes, or go to the movies. You may thank yourself one day!!

Happy Saving!