Eliminate your debts credit card
Monday, May 3, 2010 12:05About the title, this is not the author of that article says but rather the oracle of Omaha billionaire Warren Buffet.
Whatever your contacts, this guy probably knows things we do not know and he recommends that people who listen to eliminate their debts of credit cards is that it is probably high time to do so.
Generally speaking, he expressed hope that consumers reduce their dependence on debt, including through credit cards: “I do not know how to make money by borrowing money at 18% or 20%” he said, adding “This bankruptcy assured – it has the merit of clarity.
Or finally, go as close as possible to the “$ 0 debt, credit card … hoping that it stops there!
And once you reach the magic number, take the opportunity to put the scissors in your card then cancel from the issuer.
Do not forget that a debt of $ 15,000 left on your credit card at 19.4% annual interest cost you, at a minimum, some $ 2.910 in interest!
It’s so simple to pay cash or via an ATM card (and PayPal, online) that your divorce from Visa and MasterCard should not be so bad as that. If you want “a little cushion in case of urgency, negotiate a line of credit from your bank account and use it as needed.
In doing your utmost to stop using debt via credit cards, you will be more rich and fun to make Warren Buffet. You make a stone two birds!
