Aim for Debt Elimination

I've never been a fan of credit cards. I have 2. One is an extension from my Father in case of emergency. The other one has a whooping (and I'm being sarcastic here) credit line of 10T only. I was asked by the bank if I want my credit line increased but I refused thinking if I do have a much bigger credit line I would think I have "extra" money when in reality I don't. I know myself and the fact that I am an impulsive buyer. I can't take the risk of maxing out my card every time there is a sale.

However, there is nothing wrong with having a card! It is a lifesaver at times and it can help us get by without having to bring around cash. But there are a few credit card facts one needs to know before getting one. For one, credit cards are unsecured loans and can't affect your home & properties but one has to stop and think before a purchase especially if its a long term payment scheme. Also, it is important to know your purchases and review your billing if you have charges that are not yours. You can actually issue a debt verification letter and ask the bank if the debt is indeed yours. One can never be too careful in checking especially nowadays when the threat of identity theft is rampant. Just include in the letter your account numbers, your mailing/billing address and a citation that you are requesting the information under the Fair Debt Collection Practices Act, 15 USC 1692 Section 809 (b). However, never ever list your social security number. There are many useful information out there if we care enough to read and research before falling into credit card trap. Read more on cash flow from rent too and know how you can save up without paying too much interest and from having bad real estate investment.