Realistic Credit Card Resolutions For 2012

With the advent of 2012, you might have made some New Year resolutions for your credit cards. If you remember, your resolutions were so unrealistic last year that you couldn’t keep them. This year, let your resolutions and resolutions be a little more easy and achievable so that when you are able to keep them and follow them, you will be motivated to go ahead and have a debt free year.

Resolution 1 - Balance Transfers

New Year prompts credit card companies to offer clients 0% APR on balance transfers. This is supposed to be a win-win situation for both the card company and the consumer. All fees are waived and you can repay the balance within the stipulated 0% interest period. While you get the 0% benefit, the card company gets a new consumer.

Resolution 2 – Don’t Use The New Card Where You Made Balance Transfer

Although, now you have a new card where you have transferred all previous balances and can repay them without any interest levied, ensure that you do not give in to the temptation of using the new card.

Your New Year resolution is to pay off all credit card debts. Stick to it whatever the temptation and the reward may be.

Resolution 3 – Review Your Credit Report

Most people neglect to review their credit report unless they have to apply for a loan. Make a resolution this year to review your credit report from all the three bureaus irrespective of the fact that you are taking a loan or not. Check them to ensure that there are no errors in the report or any items that indicate fraud. Errors may lead to payment of high interest on your cards et al. Check them and go through the listed items carefully. When you are reviewing your reports, also apply for a credit score so that you can get a peek into the condition of your finances.

Resolution 4 – Keep Track Of Your Expenses

This is a resolution that you must strictly adhere to till it becomes a habit with you. Most people use their credit cards to make purchases. The habit of using credit cards is not a good one if you cannot keep track of your expenses. Use the online tools available for money-management and use your card wisely.

Follow your New Year resolutions and lead a healthy and debt free life.