Daily Tea Sips's video: How To Control Credit Card Debt Above 700 Credit Series

There are people that will tell you credit card debt is bad. This is not true. What is bad is having a $2000 credit card, spending $1900 and only paying the minimum monthly payment. You will never pay that card off just paying the minimum. What is bad is trying to live like the Jones's on borrowed money. What is bad is the misinformation about how to use credit cards. Here are a few things you should consider when taking on credit card debt: 1. I would limit the number of cards to 2 or 3. Two store cards and one Visa/MasterCard. 2. Don't spend what you are unable to pay off before the grace period. You will be charged interest if you do not pay the balance before the grace period. Pay your balance in full before the grace period. 3.Avoid taking cash advances against your credit card. Some credit card companies have separate interest rates and fees for cash advances. 4. Never use more than 30% of your credit. This is credit utilization or the amount you have borrowed compared to your credit limits. If you have three credit cards with a total credit limit of $5000 you don't want to use more than $1500. If your credit utilization is over 30 percent financial institutions will view that negatively. The higher your debt balance the higher the chances you will be unable to make your payments. If you establishing or even reestablishing your credit you may want to consider a secured credit card. A secured credit card usually requires you to make a deposit. After you have shown a successful payment history your deposit may be returned to you. When you set up a free account with sites like CreditKarma they will review your credit then tell you which credit cards you have a high probability of getting approved. Secured or unsecured. Life happens. Whether its death or an accident or a loss of income. Most credit card companies offer credit card insurance. There are 4 types: Credit life insurance which will pay off the debt when you pass away. Involuntary employment credit insurance is insurance that will pay your minimum monthly payment if you are downsized or laid-off. Credit disability insurance pays the minimum payment if you become medically disabled. Credit property insurance completely cancels the debt if the items were destroyed by a specific incident listed in the policy. Credit insurance usually covers prior to the event. Purchases made after the incidents are not covered. ========================= Above 700 Credit Series - https://www.youtube.com/playlist?list=PLTxBO_hyj6IqBoj7F95QnIp3qJn3FSHP7 Video 1 - How To Increase Your Credit Score Fast Video 2 - How To Increase Your Credit Score Using The Piggyback Method Video 3 - How To File A Credit Report Dispute Video 4 - How I Increased My Credit Score By 65 Points In 48 Hours Video 5 - These Three Credit Lines Can Help Or Hurt Your Credit Score Video 6 - How To Remove Hard Credit Inquiries From Your Credit Report Video 7 - How To Control Credit Card Debt Video 8 - 8 Tips To Increase Your Credit Score Video 9 - How To Obtain A Second Chance Checking Account Video 10 - Why You Should Never Pay Collection Agencies or Debt Collectors Connect with me on social media: Instagram - https://www.instagram.com/dailyteasips/ Facebook- https://www.facebook.com/dailyteasips/ Twitter - https://twitter.com/dailyteasips Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. No copyright infringement intended.