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Category Archives: Bad money habits
Needs Vs. Desires
Do you need that material item or merely want it? Slick marketing and advertising leaves many consumers unable to tell the difference. They run up debts to buy what they want, rather than what they need. How many of them … Continue reading
Using Credit Cards Responsibly
Most of us aren’t born knowing how to use credit cards. Still, it’s important to learn the rules of the credit card game – preferably before you start playing. These do’s and don’ts of credit card usage encourage healthy spending … Continue reading
Making the minimum payment only
Paying the minimum is better than paying nothing, but it doesn’t do much to pay off most balances and forces you to keep paying interest. By paying interest on interest, you lose any savings from buying anything on sale. Try … Continue reading
Making credit payments late
After all, it’s only a £25 late fee, right? Besides wasting money you could’ve put toward the balance, a payment that arrives at least 30 days past due can throw your account into default and triple your interest rate. Plus, … Continue reading
Charging purchases instead of paying in cash
How many times have you charged services or merchandise when you had the money to pay with cash or debit? Insignificant purchases of £20 and £30 made several times over can quickly add up, particularly if you already carry a … Continue reading
Paying bills in no particular order
While the order may not matter if you can pay all of the balances, it will matter if you fall short one month. Say you pay off the balances on your credit cards first, then find you can’t make the … Continue reading
creating an emergency fund
Learn to save for financial emergencies. Even if you feel robust and invincible, a single emergency or car accident could force you to put large balances on credit cards, causing interest to accrue and more debt to pile up. “That … Continue reading
Thinking of ‘budget’ as a dirty word
The word may call to mind tedium and self-trickery, but everyone can benefit from deciding on certain amounts for spending — and sticking to the amount. It also makes sense to budget for known future expenses, such as quarterly insurance … Continue reading
Failing to alert creditors about a financial hardship
You heard the rumor: Layoffs are coming to a department near you next week. Don’t wait until it happens to worry about how to pay your bills. Do some damage control right away. Try this: “The best time to negotiate … Continue reading
Not checking credit reports
Not checking credit reports because you can’t change them anyway. Wrong. If you have credit cards, pull your credit report at least once a year and check it for errors. Purging your record of inaccuracies can be crucial for getting … Continue reading
Misusing balance transfers
Transferring balances on high-interest cards to lower-rate cards can be an effective technique, but it’s easy to make it a good idea gone wrong. Transfer a balance onto a card with a low introductory rate and you can potentially save … Continue reading
Posted in Bad money habits
Tagged 0% interest, bad habits, balance transfers, credit cards
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