List all of the things you spend money on in a month. Then make cuts for expenses that are not necessary to spend your money on. This is a good way to save a little money here and there and helps you to not overspend. When you cut out the things that you do not need to spend money on, you can find yourself saving a lot in the process.
Work with your spouse to get your finances in order. If your spouse does not work but has the ability to do so, you may want to tell them to get a part time job. Tell them that you need a little help in getting your financial situation in order. Be honest with them, and tell them that working will help get both of you in a good financial standing.
If you find that the credit limit suits your needs, you should then look at the interest rate. Keep your attention on the fine print. Notice if there is an introduction rate. Often times, they will offer you an incredibly low rate for 6 months and then hike it up high. Another tactic you need to watch out for is if they offer you a low rate unless you miss a single payment. Generally one missed payment will send the interest rate skyrocketing. This can make it incredibly difficult to repay the balance, and you will end up with a mountain of debt.
Check the contract to see what the penalties are when you miss a payment. Some companies will offer you a first time discount, or waive any fees for the first missed payment. However, other terms can be incredibly devastating. This is why it is vital to check through the terms and see what you can do if you run into an emergency.
Lastly, you need to make sure you can have an exit strategy in case you do not like the company after using their services. Find out if there are any early termination fees, or if you can get your deposit back if they require one.
You want to eliminate excessive spending on all levels. For example, overpaying on your phone, cable, insurance or other bills. You should shop around with different companies to get the best prices. Many times we become accustomed to using the same companies and forget we may be able to lower our bills by switching.
Try to always remember to use a credit card for emergencies only. Make sure you will be able to pay off what you charge as soon as possible. If you just send the minimum monthly payment, the payment will be applied to interest charges and it will take years to pay off the card.
Reading through the fine print will save you a lot of trouble. Just be sure to take your time and cover all the information to ensure you are getting a fair deal. There are plenty of other companies out there that will gladly issue you credit without bad deals.
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