Tips on credit card spending

Credit card offers from different credit card companies are pouring my mail box lately. I used to have several cards in my name but the present economic meltdown have caused us to cut back on credit spending and cancelled some of the cards and just kept one card to use for emergencies. It was a serious elimination process but in the end the low interest rate credit cards prevailed. I have always been on time in paying bills and I pay it in full if at all possible. I am also aware of my good credit standing and is very resolute to stay that way and in no way will turn my good credit into bad credit credit cards. At this time, a new credit card is the last thing I need.

Here are some tips on how to recession proof your finances: 1. minimize spending, buy only what is necessary. Tighten your belts because the economy will be even worst. So get ready. 2. Pay your credit card bills in full if possible because if you just pay the minimum amount, your bill will just keep building gradually and so is the interest, the next thing you know you are deep in debt. Pay your mortgages as well. 3. Maintain only one credit card and use it only for emergency. Pay in cash if you can afford it. The more you use your card, the more you pay interest, that's how credit card companies make money.

Choose your card wisely, choose the one that doest not only offer low interest rates but gives you points and rewards and also that which you can use your credit cards for balance transfer , extra service that allows you to save time and money. Also some credit card companies offer cash back credit cards that earns you cash returns to as much as 5 to 20%. Don't be fooled, find out where the cash back is coming from, if it is from your own money, never mind. Times are hard and we need to be wise.