In the past week I have heard of two people locally getting “skimmed” at ATM machines and having their accounts cleared, So I said I would post a blog entry on the dangers of this and what you can do to make sure it doesn’t happen to you.

What is ATM Skimming
ATM skimming is when someone gets the information about your card, and PIN from some means, such as a skimming tool planted on the ATM machine, and a camera located over the keypad, or simply someone standing behind your shoulder, and with this information they clone your card and they have full access to your bank account to take what they want.

What can I do to stop it?
Follow these few simple tips to make sure your hard earned cash stays where it belongs.

If the ATM looks dodgy or changed in anyway, don’t use it!
Most ATM’s will show a picture of what the ATM should look like on the screen before you input your PIN, Compare the picture on screen with the ATM.

Always guard your PIN
If there is someone standing too close to you, offer for them to go first, or find a different ATM, if it is just you at the ATM, Still cover your PIN with your hand, Just in case!

Always keep your eye on the ATM
Never look away from the ATM if someone is trying to talk to you, always make sure you can see the ATM while it is in your use.

If it suspicious, Walk Away
If you don’t like the look of the ATM, or the person beside you is making you feel uneasy, Cancel your transaction immediately, and walk away. And just to be safe, call your bank to make sure the transaction was properly canceled.

Destroy old cards
Any old ATM cards you might have, Cut them up and bin them, These still hold information about your account, and if you don’t bin them, The wrong person could get their hands on this.

Follow these simple steps to make sure your trip to the ATM doesn’t end in a hole in our pocket!, And remember most important of all, Keep your PIN exactly that, YOUR Pin

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If you have bad credit and you would like to improve your credit score, a credit repair counselor may be in order. So what is a credit repair counselor? For some it’s the head of the household, because they have lived a long time and understand how to handle credit and finances. A professional credit repair counselor can help you understand your credit report, figure out your monetary standing and pinpoint areas that need immediate attention in order to improve your credit rating.

Nowadays, it is not unusual for individuals to obtain a credit repair counselor. These types of businesses are experiencing high growth as individuals in America are facing deeper and deeper debt. More than ninety million Americans carry almost twenty thousand dollars in debt, and this does not even include what Americans are paying for their mortgages. A large portion of these credit problems deal with improper credit card spending. By the time an individual realizes that they are in credit trouble their debt is already substantially large.

A credit repair counselor will work in conjunction with your private creditors to assist you in paying off your debt. They will most likely make arrangements for a debt consolidation loan from a debt management company in order for you to pay off any money that you owe. A counselor works hard to get you better interest rates and also work hard to decrease the interest rates that you are currently paying. They also go through a great deal of trouble to establish a relationship with your creditors.

The debt counselor works closely with you after a payment and financial plan are put in place. A debt counselor will continue to guide you in the right direction when it comes to your finances so that you will never again have to deal with a bad credit rating. The financial plan the counselor will help you develop will usually consist of looking at a person’s finances, considering their resources, and then creating a budget that the client is required to maintain from that point forward. In the beginning, you may have to visit the debt counselor monthly so that there can be in depth discussion about all of your financial matters.

Before working with the counselor, make sure you do thorough research before signing any agreements presented to you. Be sure to get in touch with the Chamber of Commerce to see if the debt counselor you will be using is a member of the organization and check out if they have a positive or negative reputation.

A credit counselor who has good references and is very trustworthy will inform you of the power that you have to go about improving your credit. The best credit counselor will let you know what their fees are up front and put all business arrangements on paper. They will let you know what to expect of them and any other details. If you do not trust the credit counselor, you should probably not hire them.

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Credit card debt consolidation help is essential for people who have fallen prey to their own temptations on grounds of compulsive shopping, ignoring their financial position. There is absolutely no problem if you are indulging in shopping once a while, using your credit card. However, you shop only for what you think you will be able to repay in a certain period. Problems springs up only, when you get used to taking your credit position for granted and indulge in purchases you could avoid. Impulse shopping is nothing but your own wrong attitude towards your financial condition.

Undoubtedly, shopping today is irresistible, when you can buy practically anything using your credit card. But delaying repayment can be a serious problem. With an impulsive attitude, it is highly possible that you will go on buying and forget all about the repercussions of amassing heavy credit bills. So don’t wait till it gets too late. Seek credit card debt consolidation help to emerge debt-free.

Find Debt Consolidation Help

Debt help program gives advice to consumers on consolidation of loans, beginning with providing assistance for finding a suitable lender for your finance management. With the necessary counseling, you can easily find a suitable company. Moreover, there are also plentiful lenders helping those with bad credit scores. You could consider this option as well.

Learn About Consolidation Of Debts

It is necessary for you to learn about debt consolidation, before you actually go for it. Going for counseling can go a long way in laying a solid financial foundation for you. Such credit card debt help will also provide you the details of several online programs that can save you the pain of personally visiting the lender and undergoing the tiring documentation.

You must not take credit card debt consolidation help as a one-time exercise. To continue to enjoy stress-free condition, you need to inculcate the habit of thinking before buying anything. Hence, as a rule, refrain from using credit cards and choose to buy using cash or a debit card. Once you are off the habit of unmindful spending, you will be able to enjoy a stress-free life.

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Before applying for a credit card there are several things you need to know and do. A lot of banks will offer you credit cards but the APR which is the amount of money one has to pay in interest charges per year; can be very high especially for the first credit card you get. Choosing the best credit card for you, apply for it and getting it can be a difficult process, but it is important to make your best selection and get a credit card with a good APR. After you got a credit card other issues like how to use your credit card wisely or how not to get in over your head, arise. As easy as it is to spend and use the money you have in your account plus the ones that you do not have but the bank lets you use, turns out to be as difficult to put them back and to repay the debt. Most of the credit cards have a maximum amount that you can spend when you do not have any money in your account. The sum can be 500, 1000, 2000 or up depending on your credit history. Spending more than you can afford usually happens when you get your first credit card, but this is not a must for all the credit card holders.

In fact even banks and credit card companies offer tips on how to use your credit card wisely and what to do and not do with it. Some of the things you have to keep in mind when you have a credit card are the reasons you applied for a credit card and how much are you going to be able to pay back in case you use more than you have in your account. The amount that you can repay depends on your monthly expenses and also on how much money you earn. The first credit card you use should be one to help you pay your bills in time and help you create a good credit history. You can use small amounts from your maximum amount, but make sure you don’t use more than you can afford to repay. It is very important for your credit card score and thus for getting a credit card with a better APR and a bigger maximum amount, that you are able to make payments on time.

When you use your credit card try to keep the slips and receipts till you get your balance so that you can compare them. You should keep a confirmation payment especially if you are paying your bill in the last possible moment. Remember that it might take a while for the transaction to appear as completed in your bank statement. If you have more than one credit card, but even if you only have one, keep the bank numbers and your card number in a safe place so that you can call them and block the card in case you lose it or it gets stolen. Since credit card fraud is more and more common make sure you keep your personal information as safe as possible and do not share your card or PIN with anybody else. A good example of using your credit card wisely is not using your credit card all the time and in all the places. Try to prioritize your credit card expenses and try to use it only with companies you trust.

Just because you have a credit card it doesn’t mean you can buy anything you want whenever you want. This is exactly the way most of the people get in over their head when they have a credit card and then they have to do all kind of things like applying for another credit card to pay their first credit card or applying for a loan to cover the expenses made with the credit card. The problem is that if you have troubles with your first credit card the second one you have will have bigger fees and interest rates than the first one and the loan if you are lucky enough to get one will have high interests too. Remember that financial institutions never lose. Also always check your bank statements. Banks can make mistakes too. If something is wrong go and talk to them and try to fix it. If you used some of the money from your card and you have a debt to pay back try to pay more than the monthly minimum amount due. This means that the more and faster you pay your debt back the smaller the interest that you have to pay will be. If you think you can manage with more than one credit card, try to limit yourself to two cards. If you are using one card wisely it doesn’t mean owning a second one or more than that won’t make you get in over your head. Spending money is always easy even if you have it or not.

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Introduction

There are a group of federal statutes that provide a broad range of important protections for consumers against harmful lending practices. These statutes include the Fair Credit Reporting Act (15 USC 1681), the Consumer Credit Protection Act (15 USC 1671), the Fair Debt Collection Practices Act (15 USC 1692), the Truth in Lending Act (15 USC 1601), and the Fair Credit Billing Act (15 USC 1666). These laws are designed to protect consumers against abuses by creditors and credit agencies that can have a devastating effect upon people’s credit scores, can impede their ability to pursue employment, and can keep them in debt.

The educated consumer should know how to take advantage of federal laws designed to protect against abuses by creditors and credit agencies. With proper documentation that is easy to prepare, the consumer can often force creditors and credit agencies to correct errors or to pay significant damages through a lawsuit

To benefit from this protection the consumer needs to understand the basic rights granted by each statute and to know how to use them to advantage. If the reader is concerned with the specific application of a statute to the particular facts of his case, he should seek legal advice from a lawyer in his state. This article focuses on the rights established under the Fair Credit Reporting Act.

Background

In 1968 Congress passed the Fair Credit Reporting Act (the FCRA) to protect consumers against unfair credit reporting. Congress said:

“Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers…There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.”

People are frustrated as well as financially damaged when they try to correct errors in their credit reports and the credit agencies ignore them. You can minimize these frustrations by taking common sense steps that will convince or, if necessary, force the credit agency to act. The threat, or even hint, of a properly documented legal action will often break the logjam. The threat becomes even more effective if an attorney becomes involved, and the statute provides ways you can obtain the services of an attorney at little or no cost to the consumer.

Lawsuits Under The FCRA

To win a civil case, a plaintiff must establish both liability and damages. If a plaintiff proves that the defendant has violated a legal duty (liability), he is then entitled to the damages allowed under law that he can prove. Consumers can sue for violations of the FCRA in either federal or state court, and the FCRA gives the consumer powerful legal tools to pursue his case. These tools give the educated consumer powerful leverage to convince or compel credit agencies to correct errors in their reports.

Summary Of The Fair Credit Reporting Act

The FCRA consists of numerous lengthy sections that are written in technical and often confusing language. Some provisions apply to limited circumstances while others have a broad application. We will discuss the most important provisions including compliance procedures and civil penalties.

The statute defines “consumer” as an individual, which means that FCRA does not protect corporations, partnerships or other business organization. It applies only when a “consumer report” is involved. A “consumer report” is any communication of information that can be used to evaluate credit or to determine qualifications for employment, insurance underwriting, governmental license, legitimate business transactions that are initiated by the consumer, and other specific uses such as concerning national security investigations. There are specific restrictions on the use of medical information and limited disclosure of information permitted to governmental agencies. The consumer must consent before a prospective employer can review his report.

Only certain information can appear in a consumer report. Bankruptcies more than 10 years old and other adverse information except for records of convictions of crimes more than 7 years old must be removed. The counting period starts 6 months after an action has been taken on a delinquent account.

There are provisions against identity theft and a notice provision if an investigative consumer report is being prepared about the consumer. The consumer is entitled to certain information appearing in his report.

If the user of a credit report takes adverse action based on the report, he is obligated to provide the consumer with the name of the credit agency furnishing the report and other information. It is also a violation to obtain a consumer credit report under false pretenses.

Compliance Procedures

The key provision of the FCRA is section 1681e. entitled “Compliance procedures.” This section establishes the principal obligations of consumer reporting agencies. Each agency “shall maintain reasonable procedures designed to avoid violations” regarding the inclusion of forbidden information and “to limit the furnishing of consumer reports” to permitted purposes. Paragraph (b) is probably the most significant provision in the entire FCRA:

“Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates.” (Emphasis added).

Section 1681i. extends the compliance provision by obligating the credit agency to conduct a reinvestigation of disputed information when a consumer notifies the credit agency of a dispute. The agency must also inform the consumer of the result of its investigation. The compliance requirement has important practical applications which are discussed below.

Courts have held that “reasonable procedures” are procedures that a prudent person acting as a credit reporting agency would follow under the circumstances.. Agencies have been held liable where the consumer complained about inaccurate reports and the agency failed to investigate. (Remember this point – it is important.) Agencies have also been found liable where they failed to report that an item was disputed. If there is an inaccuracy that is not brought to the agency’s attention, the question is whether the danger of harm to the consumer warrants the effort needed to detect and avoid the inaccuracy. The consumer can also establish lack of reasonable procedures by demonstrating reasonable alternative procedures that would have prevented the inaccuracy. The consumer can prove his case without discussing the specific procedures employed by a credit agency. These are all questions of fact, and the educated consumer can do a great deal to establish the facts that he needs to win.

Damages for Willful and Negligent Noncompliance

This section imposes liability on any “person” violating the FCRA. This includes both credit agencies and users of credit reports. Once the consumer has established a violation of the FCRA, he is entitled to damages. Section 1681n and 1681o make the FCRA a powerful enforcement tool for the consumer. Section 1681n describes the civil liability of credit agencies for “willful noncompliance.” The consumer in that case is entitled to actual damages, damages specifically allowed by statute which range from $100 to $1000, punitive damages, costs, and reasonable attorney’s fees. Section 1681o addresses civil liability for “negligent noncompliance” which entitles the consumer to actual damages, costs, and reasonable attorney’s fees.

The consumer is entitled to actual damages, costs and attorney’s fees for both willful and negligent noncompliance. Actual damages have been interpreted to be inclusive of almost any negative consequence. They include out of pocket expenses, injury to creditworthiness, loss of reputation, embarrassment and humiliation, and mental and emotional distress. In one case a plaintiff was awarded $50,000 for worry, stress, anxiety, loss of sleep and expenses of litigation. Costs are actual out of pocket expenditures for the litigation as well as statutory costs. Attorney’s fees are calculated on the basis of the attorney’s hourly rate and may be awarded where there is a successful outcome.

If the plaintiff proves that the noncompliance was willful, he or she is also entitled to statutory damages of $100 to $1,000 and punitive damages. To show willful noncompliance, which imposes a higher legal burden, the plaintiff must show that the defendant knowingly and intentionally committed the act in conscious disregard of the rights of others. Some decisions have also included “reckless disregard” of the rights of the consumer. The plaintiff does not have to show malice or evil motive. Courts have held that there was a sufficient showing of willfulness where a company knowingly included false information in a credit report; where a user of a credit report failed to properly identify a consumer reporting agency in a letter denying credit; and where a credit agency repeatedly sent meaningless form letters in order to wear out the consumer. Someone was held to have acted recklessly where he did not independently analyze a dispute. There are many cases where the claim of willfulness was rejected.

Factors in determining the amount of punitive damages to be awarded include the purpose of the FCRA, the harm to the consumer, the manner in which defendant conducted its business, and defendant’s income and net worth. The plaintiff does not have to prove actual damages in order to get punitive damages.

There are also criminal penalties for obtaining information under false pretenses or knowingly giving information to an unauthorized individual. In such cases the violator can be fined or imprisoned for not more than 2 years. Additionally, the FCRA can be enforced by the Federal Trade Commission and other federal and state agencies with a civil penalty not more than $2,500.

Practical Suggestions

The FCRA applies when the consumer discovers an error in his or her credit report, which unfortunately happens more frequently than expected. The consumer can greatly increase his chances of obtaining a quick and favorable response from the credit agency by following certain common sense procedures. In the event that the agency still does not correct the problem, the work done by the consumer will be useful if a lawsuit becomes necessary.

As we have noted, cases have found a credit agency in violation of the FCRA when the consumer notifies the credit agency of the error and the credit agency does nothing. As common sense suggests, the stronger the documentation establishing these facts, the harder it will be for the credit agency to avoid liability. This translates into a practical course of action. The consumer must give adequate notice of his claim to the credit agency.

A critical point to understand is that it is not enough to give the credit agency notice of a complaint; the consumer must be able to prove that the credit agency actually received the notice. To do this the consumer should send the notice by Federal Express, UPS or similar carrier that records delivery. In some instances an email with an acknowledgment of receipt will be sufficient. Not only will the consumer then have proof of delivery, but the credit agency will know that the consumer has that proof and may be more likely to respond.

The next question is what information should the consumer send to the credit agency? The answer is documentation that will most strongly establish the validity of the consumer’s claim.

Example 1. Say, for example, that the credit agency has failed to note that an obligation has been fully paid. Often the consumer will call the creditor, ask him to send a letter to the credit agency, and wait. If nothing happens, it may because the creditor failed to send the letter, because the letter did not reach the credit agency, because the letter gave incomplete information, or because the credit agency failed to act. There is no way to determine what happened, so the consumer has no basis for a claim against the credit company.

Compare this with a more effective proactive approach. Assume the consumer himself obtains a written letter by the creditor that full payment was made on a stated date and the consumer sends that letter with his own written request that his account be corrected . This letter is delivered to the credit agency by Federal Express or UPS. If the credit agency ignores this information, how can it then claim that it is following reasonable procedures? And if a credit agency cannot show it followed reasonable procedures, then it has violated the FCRA.

Example 2. Let’s take a more complex case. Suppose that the consumer validly cancels a purchase order but the creditor erroneously reports it as unpaid. If the creditor issues a letter admitting its error, that should be sufficient. But what happens if the creditor simply doesn’t cooperate? What documentation would convince an objective person knowing nothing about the case that the consumer did in fact cancel the transaction and that the debt was erroneously reported?

The first thing needed is proof of the cancellation. The best proof would be documentation from the consumer to the creditor expressly stating that he was cancelling the order and saying why he was entitled to cancel the order. The letters, which must always be dated, should be written to fit the particular facts of the situation. Most important, the letters should be short, direct, and blunt. They must specifically say what has happened and never consist of vague hints or suggestions. Depending on the facts, the letters could read as follows.

” Date
Dear Mr. Creditor:

Please be advised that I am cancelling order no. xxxx as is authorized by paragraph 7 of your purchase order. Please mark your records that the order has been cancelled.

Very truly yours,

Consumer”

Another scenario might be:

” Date
Dear Mr. Creditor:

I am confirming my conversation with Joe Smith of your office that I have cancelled purchase order no. xxx. Please mark your records that the order has been cancelled.

Very truly yours,

Consumer”

This means that the educated consumer should know that when he cancels or makes an important change to an order, he must immediately document the cancellation or change in writing with date included and deliver that writing to the creditor by Federal Express, UPS or email with receipt requested.

The next thing needed is documentation showing that the creditor acknowledged the cancellation, either expressly or by the fact that he did not deliver the product. Again, written acknowledgment of the cancellation would suffice. If the creditor does not cooperate, the consumer can submit an affidavit (a written statement that is sworn to be true and signed and stamped by a notary public) stating that the creditor accepted the cancellation and did not deliver the goods. Since the product was never delivered, the creditor has no way to rebut this documentation.

The consumer should then write a letter to the credit agency expressly setting forth the facts.

” Date
Dear Credit Agency

I am writing to notify you that charge no. 1234 on my credit report is in error. On [date] I cancelled the order, and the creditor accepted the cancellation and never delivered the products. The cancellation is established by my letter to creditor dated [date] which is annexed and the acceptance and non-delivery of goods is established by my annexed affidavit.

Please either correct my credit report immediately to reflect this information or investigate this request immediately and advise me within 30 days of your findings.

Very truly yours,

Consumer”

Let’s say that the after receiving the cancellation letter and the affidavit from the consumer, the credit agency does nothing. The agency would be in violation of the FCRA. The practical effect of this documentation is that the credit agency probably would follow the path of least resistance and either correct the report immediately or investigate and then correct the report. The consumer gets the results he wants, first because he took the initiative and got the necessary documentation, and second because he sent the documentation to the credit company in a way that lets him prove receipt.

Getting An Attorney The FCRA allows a consumer to be reimbursed for his or her attorney’s fees when the consumer prevails in a lawsuit. By having relevant, concrete documentation as we discussed above, the consumer himself establishes what is probably a winning case. (As any honest attorney will agree, there are never any guarantees.) The consumer should be able to find an attorney to represent him if a litigation against a credit agency becomes necessary and he has already established a strong case. As part of the representation, the attorney probably will first write a demand letter to the credit agency, and that letter in and of itself may be sufficient to get the desired result.

Conclusion

The FCRA empowers the educated consumer to protect his rights with credit reporting agencies. Effective use of these rights can be of substantial benefit to the financial health and welfare of the consumer.

by Paul H Appel

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It can be a great thing to have a credit card, but it can be hard to get one if you don’t have a particularly good credit history. Restrictions to get one are quite tough, and if you have bad credit you might find it nearly impossible to get one. If you can get one sometimes, you may find yourself it with very high interest rates or other charges that make these cards very expensive.

If you don’t have perfect credit or you don’t have a bank account, though, there’s still hope. There are credit cards that are known as “no bank account cards.” These cards can help those with bad credit reestablish credit. They’re quite easy to get and they can help you repair your credit so that you can live the life you want.

These types of credit cards are preloaded. Your credit limit is what you have loaded onto the card by pre-payment. If you want to reestablish your credit but want to control your spending and know how much you have the same time, this one may be just what you need. They’re also good if you want to learn how to manage your money. It’s also great because these cards will give you the power and convenience of having a card without any of its drawbacks; with them, you can be sure to live within your means.

Don’t rush out and get one of these just yet, though. First, look around and find the best deal available to you. Most of these “no bank account” cards will give you the same rewards and incentives as traditional credit cards, as well as online access to your account. These are accepted in any location traditional cards are and you can also have ATM access for instant cash. If you find a particular card that doesn’t give you these types of benefits, look for one that does.

You should also look for a no bank card with a low interest rate, no annual fees, and very good customer support. It’s very important that you get good customer support with these types, because you don’t want to be stuck high and dry if you encounter a problem.

Take your time and do your homework when you look into no bank account cards. You’ll find one that’s a good deal for you, especially if you look online. Compare features, rates, and incentives. Choose a company that provides the best benefits for you. In this way, you can utilize a card that will give you all of credit cards benefits without having to worry about your credit history or the need to have a bank account.

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The emergence of credit cards has re-defined the shopping experience drastically in the last few years. This is because; users no longer have to carry ample cash with them while they shop, but just carry a card that deducts the specific amount on purchase with a simple swipe. To put it in simple words, usage of plastic money has let the user to enjoy instant cash facility.

Usage of a credit card seems to be extremely easy and speedy; however, its availability can be a little problematic. The market is filled with a large number of options of credit cards, making it difficult to choose from. Besides this, the cumbersome paperwork involved in the procurement of the plastic can be quite a hassle to undergo. The emergence of online services providers seems to offer an answer to people who are still away from such benefits owing to its time-consuming that is just a few clicks away.

This course of action allows the users to avail plastic money options from any location that he or she may be located without any apprehension. Scan through the various options that are presented to you, and choose any of them in compliance to the specific parameters that you are considering in a credit card. While making a choice of service provider thoroughly read its terms and conditions to evade any misunderstandings.

Several benefits such as credit cards for the first 6 months, lower interest rate, reward program, or even no annual or monthly fee can also be found to be tagged on to these online credit cards. Most of the online providers do not even hesitate to extend beneficial options even to individuals with a bad credit. Set some parameters of the benefits that you ate looking for in a credit card to make its search easier.

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First and foremost, this is a question each and everyone must ask themselves. Can I dig myself out of debt or will it bury me alive. The answer is a resounding YES. I repeat the answer is YES, you can get out of debt. Just get help and be honest about your situation.

Everyone knows how easy it can be to overspend and get into some serious debt. Common sense tells us not to get in over our heads – but common sense is all too often not behind the decisions people make, especially about credit cards. Americans are used to instant gratification and being encouraged to shop. There’s nothing wrong with shopping as such, but credit card debt can quickly get out of hand as many Americans know all too well.

Credit cards are both a blessing and a curse for consumers – here are some important facts:

Fact # 1: On average, a cardholder will have three bank cards and four gas or store credit cards for a staggering total of seven credit cards! This statistic courtesy of www.cardweb.com.

Fact # 2: 60% of U.S. households account for as much as 560 billion dollars in credit card debt. This breaks down to an average of $11,000 per household. (Testimony by Robert Manning to the U.S. Senate Judiciary Committee)

Fact # 3: Have you ever asked yourself why minimum payments are low? The answer is obvious. By asking consumers to make small minimum payments, they encourage the consumer to carry more debt. The lower the minimum payment, the larger the debt someone will owe. Who wins in the end?

Just some things to think about. Now how many credit cards do you think you need? We’d like to make it illegal to carry more than two cards, but realize we’d be run out of town on a rail were we to do so. Credit card spending is just too ingrained in our society.

Of course, no one can tell you how many credit cards you can or should have. Your financial planner or banker may scowl, but they can’t make you give them up.

So let’s compromise. If you have more than two to, say, five – why not leave three in a locked drawer and use only two if you really need to. Let’s compromise further: when you receive your statements, how about making more than the minimum payment? Your aim should be to drastically reduce your debt.

Christmas will be here before you known it. You will no doubt be overspending and using your credit cards. At this time of year, everyone does. How about this though – after the holidays (we realize it may be impossible to keep from overusing credit during this season) you make a New Year’s resolution: promise yourself that you won’t use your credit card more than once per month? This is a bit like going on a strict diet, but you can and must do this if you want to get a handle on credit card debt.

It is high time that we as a people examine the way that they use credit cards and decide to be honest with ourselves.

One of the greatest things you could have is freedom from debt. Just think about the figures we’ve given you in this article and we think you’ll agree with us. Make getting out of debt your top priority for 2008.

While we would advise having no more than two credit cards, we know that this is simply not going to happen for many. If you can control your spending and keep a grip on your payments, then you can have as many cards as you would like. However, try not to take your cards shopping with you – if you can’t just pull out that card and buy anything anytime, you’ll be keeping yourself out of a lot of trouble. You probably don’t need it that bad anyway.

Wait until you can pay cash for those things that you want rather than need. Patience, after all, is a virtue.

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