Save Money on Your Credit Card Bills

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January is that wonderful time of  year when most Americans dread opening their credit card statement.  While you can’t un-spend the money from the holidays, here are a five tips to keep your credit card bills lower in 2019.

  1. The easiest thing to do is just stop your credit cards. If you can’t afford to pay cash for what you need, you probably don’t need it. While emergency situations do arise, they are likely to be few and far between. Don’t use your cards for anything you can eat or wear, and avoid using credit cards to buy “wants” such as a new stereo or TV. Wait until you have the money to buy it.
  2. Stop using all of your cards except for one – the one with the lowest interest rates and best terms. Transfer debt from the higher interest cards to the one you intend to keep.  This will greatly reduce your monthly debt.
  3. Avoid taking cash out of your credit card. Cash advance rates are much higher, and there is no “interest-free” grace period.  This means you start paying interest right away.
  4. Go through your monthly credit card statements carefully. Look out for hidden charges, such as insurance. Theft insurance on your credit card is pointless because the most you’re liable for is $50 if your card is stolen.
  5. Call The Saving Swami!  Swami can’t un-spend the balance on your card, but he can negotiate specific items such as interest and fees.

 

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