Take control of your finances and save more money…

If you want to apply for a credit card, but are under 21, understand that rules have changed lately. Credit cards used to be given to those entering college freely. These days, you must have verifiable income or a cosigner. Research the requirements for a specific card before applying.

Make sure you are keeping at least one day in each month free to catch up on your bills. You wont spend the entire day paying down bills, obviously, but the payment of your debt does warrant its own day. Mark the event on your calendar, and make sure you maintain the commitment. Failure to take advantage of this time may lead to late fees and missed deadlines.

The most logical way to get rid of debt is to pay down the debt with the highest interest rate first. While you may personally prefer to pay all your debts at the same rate, zeroing in on those with high interest rates benefits you in the end. Many economists expect credit card interest rates to continue climbing in the near future, so this step is critical.

Do not open a new line of credit or borrow money unless it is a last resort. Credit is often a necessary evil; however being debt-free is much better. Try not to use credit except for emergency needs. Some of the things you may have to borrow money for are a house or a vehicle.

Taking control of your personal finances will give you a sense of accomplishment, increase your credit scores and improve your life. But with just a little hard work, you can get your financial situation back on track. Making smart financial decisions is not always easy but it is important. You will soon your financial problems disappear.

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