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Responsibly Managing Your Credit Cards
Posted By Ron On October 15, 2009 @ 1:00 AM In Credit,Management,Personal Finance | Comments Disabled
Though credit cards  are not the only cause of consumer debt, they’re by far the easiest type of debt to accumulate. Some people advise “cutting up your plastic” in order to prevent more debt, but it’s much more effective to retrain yourself to use those little pieces of plastic responsibly.
The first rule, the ONLY rule, is this: you must pay off your credit card  bill in full each and every month. Once you’re able to consistently do that, there are currently only two reasons I’d recommend using a credit card:
No, not the convenience you’re probably thinking of. I’m talking about the convenience of recordkeeping. Credit cards  are easier and more accurate than cash for budgeting  and recordkeeping. If you make almost all of your purchases with a credit card , you’ll receive a documented record of your spending each month. BUT, the convenience of credit cards  has one main catch—the temptation to make purchases on credit by not paying off your balance in full each month. If you do intend to use a credit card  after getting out of debt, you must pay off the balance in full each month.
Using a credit card  for the rewards  make sense, a lot of sense, but again, you must pay off the balance in full each month. Failing to pay the balance will only get you right back into debt. Here’s a list of three popular rewards credit cards .
For debit cards, nothing beats Perkstreet ®. Their MasterCard® debit card gives you the best of both worlds — no debt and rewards. Yep, they give you two percent cash back! The average family could get back $600 per year in cash back rewards just for using the Perkstreet  debit card.
For secured cards, there are several good choices.
Public Savings Bank  has a great program.
Another great option is the SilverCard Prepaid MasterCard®
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 credit cards: http://www.thewisdomjournal.com/Blog/credit-card-information/
 budgeting: http://www.thewisdomjournal.com/Blog/go/budget.php/
 rewards: http://www.thewisdomjournal.com/Blog/best-of/best-rewards-cards/
 Perkstreet: http://www.thewisdomjournal.com/Blog/go/perkstreet.php/
 Public Savings Bank: http://links.ncsreporting.com/redirect.aspx?cr=103997&of=1273&af=128490&ac=100
 Apply for the SilverCard prepaid Mastercard®!: http://links.ncsreporting.com/redirect.aspx?cr=103825&of=1233&af=128490&ac=100
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