Organizing your credit cards could refer to managing your credit card debts, keeping track of your monthly balance statements or even a method for physically storing your credit cards. While a good quality wallet is all that you will need to keep your credit cards safe, tracking your monthly expenses and controlling your credit card debt will be more difficult. The most efficient way to organize your credit card debts and bills is to make use of electronic bill management software and to hire a professional CPA.
Visit the Credit Card Chaser website to see suggestions and articles on how to better manage your credit card debts and meet your obligations.
If you only have a single credit card, controlling your debts will be simple. Organizing your credit card, whether on paper or on the computer, will take knowledge of the industry as well as patience.
How can you manage your credit card bills?
Whether you opt to receive a paper credit card billing statement in the mail each month or sign up for electronic delivery, knowing how much money you owe is essential. Many credit card issuers feature online access for cardholders so that they are able to review their most recent charges. In some cases, this data can be downloaded into a spreadsheet so that you can monitor your most recent transactions in real time.
Even if you do not have the ability to review your credit card statements on the web, your monthly credit card bills will provide you with adequate information. Keeping all of your credit card statements organized on your computer or in a file cabinet will make it simpler to track changes in your minimum payment and to identify erroneous charges.
How can you keep your credit cards below the limit?
Exceeding your credit card limits can occur if you don’t keep track of your fees, make untimely payments or simply don’t pay close enough attention to your monthly transactions. While you will be able to reduce your credit card balance by making a single payment, the effects may linger on your credit reports for quite some time.
The Consumer Financial Protection Bureau recently held a panel to address what could be done about the resurgence of over the limit credit card fees. As soon as a credit cardholder goes over his or her credit limits, additional fees are added on and interest accumulates. This makes it more difficult for consumers that are struggling financially to reduce their balances and keep their accounts current.
Should you work with a credit card debt management company?
The Federal Trade Commission describes debt management and consolidation as a long-term strategy called debt management plans. Although these debt management plans often include mortgages, car loans, student loans and collection accounts, credit card debt still makes up a large portion of the average American’s financial woes.
The first step towards managing your credit cards will be to see what changes you can make to your monthly payment habits. Even if you are not able to afford to keep paying the minimum amounts on your credit cards each month, getting in contact with your credit card companies is suggested.
In short, there are many different credit card debt management companies operating in the United States, but not all of them have a proven track record. Many of the services offered by these companies can actually be performed by consumers themselves. If you do decide to partner with a debt management company, make sure that you are working with a licensed credit counselor.
What should you do if you have trouble managing your credit cards?
The University of Michigan Ross School of Business advises consumers to focus on eliminating their credit cards with the lowest balances before moving on to their largest debts. If you are not able to handle organizing your credit cards on your own, you will need to look at alternative solutions such as researching your credit card issuer to see if any hardship programs are offered.
Although you will have to be behind on your accounts to qualify, hardship programs allow cardholders to pay their debts down at lower interest rates. As soon as you are able to make a predetermined number of timely payments, you can ask your credit card company to lift the restrictions and penalties that were imposed because of falling behind on your bills.
To see how you can better manage your credit card bills go to the credit card finder website!