There is a lot of hype out there about the current economic situation. With banks being bailed out and others going under, it seems there is not a lot of stability within the economy. This has many people starting to panic. They are pulling their money out of the banks, cutting out all spending they can and hoarding everything just in case another depression is coming.
While this may be a natural reaction for some, if you are smart you won’t panic. Instead, you will take some intelligent steps to make sure you are in a good personal financial situation, no matter what the situation is for the rest of the world. Part of the answer lies in the best balance transfer Credit Cards and the best rewards credit cards on the market.
Here’s how to do it.
Know your debt – Do you even know how much debt you have? From credit cards to car loans, student loans and other places you may have borrowed money, it is important that you know just how much you owe. Only when you know what you have can you have a solid plan to pay it off.
Pay Down Your Debt – The next thing to do is to start to get rid of some of that debt. The better control you have over your financial situation, the less likely you will be one of those people who is desperate for a financial bailout from anyone who will give it to them. If you have too much debt and don’t see a clear path to paying it off, you may want to look for the best balance transfer credit cards available. The reason you want the best balance transfer credit cards is many of these cards will allow you 6 months to a year or more of 0% interest on the balance transfer amount that you move to the card.
Know Your Credit Limit – Just in case you haven’t done the math in a while, it would be a good time to know how much of a line of credit you have available. While no one wants to live on their credit cards, it’s good to have an idea of how long you could survive on your credit cards were something bad to happen, such as losing your job.
Earn With Rewards Credit Cards – When you have to spend your money, don’t you wish you could get more back from it? Well you can if you are using the best rewards credit cards out there. From points towards trips and shopping to cash back credit cards, there are plenty of options to make the most of the money you have to spend. If you are smart, you will move as many of your household bills as you can to the credit cards, pay them off as you would pay the regular bill and enjoy the perks of the card without paying any interest.