Reaching Credit Card Nirvana
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For too many, credit cards are considered a necessary evil. We understand. It’s far too easy to fall prey to the temptation to buy things you can’t afford. So if you’ve made your deal with the devil and are now feeling consumed by the flames of credit card debt hell, consider this infographic to be a long, tall glass of water. Start at the bottom and work your way up to see how you can get down to a manageable number of credit cards, transfer your balances to a lower-interest card, eliminate finance charges, settle debt, and improve your credit score, and (with a bit of discipline) reach credit card nirvana.
see part 1: The Descent into Credit Card Debt Hell
Here’s Mint’s advice on how you can lift yourself out of the abyss.
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16 Comments so far
leave a commentDon’t try to automate the payment process. This causes laziness and I suspect is one of the prime causes of runaway credit in recent years. If it’s not automated, I’m forced to look at my activity each time I pay. There’s maybe a 1-in-8 chance that there is a charge that I did not approve. Save yourself money, even if it’s only $15. It adds up. The only other advise I have is pay the darn thing off in full each month. If you can’t manage, cut your credit card spending to a single commodity, like gas or groceries. I did this for years, only using my credit card for filling up the gas tank. My credit score is Nirvana. Lenders were bending over backwards to get my business.
Nam Myoho Renge Kyo!
Diagrams really help draw the point.
The best solution is to not pay your debt. If enough people choose this route the system dies.
I am live completly debt free, my credit score is ZERO. there is nothing I need a credit card or loan for! I do not make crazy stacks of cash just smarter, I was not always this way but but live better now that I do!! remember its not how much you make its how you spend it!
I’m with you! Too many people have bought into the myth of serving the great FICO god. Instead of a score for managing my debt. I’m going to work on managing my WEALTH. My wife and I have the goal of getting our credit score as low as possible and we are closing all of our credit card accounts. Yeah, people are shock and think we are crazy but it will hurt your credit score…my response is good but it helps my wallet. Remember: Can’t server two masters and The borrower is slave to the lender.
*edit* “I live completely”
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Very good story figure. Avoid credit card debt is extremely important right now. For those who does not know, most major credit jacked up their late fees MASSIVELY recntly:
http://www.wealthalchemist.com/Blog/2009/07/us-consumer-squeezed-credit-card-rates-hikes-balance-transfer-charges/
Pay off your credit card debt now before it’s too late
or maybe…just don’t spend money you don’t have
how about that, you consumption wh.re
nirvana is not in the sky, btw.
you are thinking of heaven.
why anyone would use credit cards is beyond me sure maybe a smaller one just to collect rewards or some shit but buying stuff you can’t afford? that’s just retarded.
If enough people choose this route the system dies.
Good Article
A chart about getting the most out of your debit card would be useful too.
It is a very good articles.I just learn a lot from your articles on Reaching Credit Card Nirvana.But i still a relted article on ehow http://www.ehow.com/how_5477408_recompense-high-balance-credit-cards.html
It is a article about How to recompense High Balance credit cards.Thanks a lot for your info.