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Seven Credit Card Disasters Who Became Credit Masters
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Darryl maintains control with absolute attention to detail. "I can always tell you within $5 what the balances are on all of my accounts, from checking to credit to investments." Before he spends a penny on anything, he makes sure he knows precisely how much money he has at that time. "I ask myself what my balance is and then I ask if I really want it or if I really need it," says Darryl, noting that it can be hard for him because he really loves to spend money. However, by knowing his balance, he's able to stay out of debt and afford more in the long run.
7. Get the right card
Lianne D.* of Atlanta discovered that just having the wrong credit card caused major overspending. "I used to have one with a $150 annual fee where I could collect air miles with every purchase," says Lianne. "I thought it was a good idea to use it for all my purchases so I could rack up more points." In the end, she charged far more than she intended or needed, just to earn enough points for free flights.
Lianne realized that she needed every spare penny when she wanted to buy a condo. She canceled the card and requested one "with no annual fee that offered me cash back." She's been saving ever since. "I only use the new card for online travel bookings or the few online purchases I make." Lianne not only enjoys the extra money she gets from the cash back feature, she no longer chases all those miles with excessive spending. "I figure I have saved at least $1,000 a year from this lifestyle change."
Some of these adjustments are simple to execute, others more complicated. Still, all resulted in these formerly indebted cardholders making powerful -- and lucrative -- transformations. Their consensus: better borrowing begins and continues with a committed, positive attitude. Trust that you can and will remain debt free. As John F. Kennedy once said, "The one unchangeable certainty is that nothing is certain or unchangeable."
* These individuals have requested that their last names be omitted to protect their privacy.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
