Take Control of Your Credit Cards

“How to Take Control of Your Credit Cards” by Suze Orman

In the article, “How to Take Control of Your Credit Cards”, Suze Orman discusses the issue people are having with their credit cards. She describes two different types of people in trouble with credit cards, people who are “Broke by Choice” and people who are “Broke by Circumstance” (297). Orman thinks people should not use their cards “indulgence”, but should us their cards for “necessities” (297). The key to get out of credit card debt is to find a credit card company that you have to pay a low interest rate in the shortest time.

Orman says that people need to try and get their credit rate as low as they can. She says that if your “FICO score” is low enough, then your credit card holder might be able to lower your rate (298). If they don’t give you a lower rate, it might be a good idea to look for a new credit card company. If you do have to switch companies, make sure you find out what your rate will be in 6 months to 1 year when your intro period expires. Whenever you get approved for a low-rate card, make sure you move all your high-rate balance onto your new card. When you get your new card, do not cancel any of your other cards because you could erase your history. Your FICO score could also be in danger if you cancel your cards.

When you get your balance transfer, make sure you keep a close watch on it because a lot of credit card holders try to find anyway to change your zero-rate interest. You also have to make sure that you pay your credit card bills on time, or the credit card companies will cancel your zero-rate interest. Make sure you are always keeping up with when you need to pay your bills. The best thing you could do is to pay your bill a few days before the payment is due.

Now, not every person is going to be able to have a low-rate deal, but there are ways you can take care of your credit cards. The first thing you want to do is get all your credit cards together and line them...