Tuesday, January 28, 2014

Greetings Thrifty Friends,

If you are knee-deep in debt, like so many Americans, you might be wondering how you will ever get out of it and once you have your head above water how will you keep it there.

While there is no secret, there are a few things which people who are debt free and stay that way have in common.

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

Fewer Credit Cards

People with little or no debt typically have fewer credit cards. It makes sense that if you have fewer cards, you may not rack up as much debt. About a quarter of this low or no debt group said they don't have any credit cards.


Keep a Budget

Budgeting is the number 1 strategy for paying down debt. Couple that with a less-is-more strategy when it comes to number of cards, and you may be able to minimize your risk of falling back into credit card debt after you have paid it down.


Use Debt Wisely

The primary reason most people give for having credit card debt is to build their credit history. But it is a common misconception that you need to carry a balance on credit cards in order to have a good credit score. The longer you keep outstanding debt, the longer it can negatively affect your credit scores, because that debt increases your credit utilization ratio. It also leaves you with less available credit to use if and when you need it.