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Credit Card wisdom for 2007

Now that the holiday period is almost over, most chances are that on January the first 2007 you will not wake up to a gigantic hangover, you will also be waking up to a massive mountain of Christmas-induced Credit Card debt. With the average American burdened with a $9000 chunk of credit card debt, a few extra thousand more will make themselves really felt in the New Year. And as you probably are at your fullest of good intentions and New Year energy, use that momentum to turn around your bad credit card habit in 2007.

Credit Cards are a great tool to manage your money wisely. The sheer fact that you can delay your payments means in fact that you are paying less in the long run. Of course this only works if you are within your credit frame and pay your card off before you over-draft. A great way to use your credit card to the max would be to put yourself a payment reminder into your outlook a few days before your credit gets withdrawn and consequently write a check to cover as much of the balance as you can.

Apart from knowing the rules of your credit card and watching your statements and the interest rate closely, another wise move for you is to develop a set of personal rules of how you intend to use your credit card- and stick to it! Try to use the card only for more significant buys, so that when your statement arrives, you will be able to identify each purchase. Keep your credit rating healthy by always paying more than the minimum payment, and if you get charged penalty fees for a late payment when u are generally a punctual payer, don`t just take it, try to talk to the bank and negotiate. And at last, never use your credit card to withdraw money. There will always be fees, and in general, you are going to get a best deal. Control your credit card in 2007.