Don't Let Your Credit Become A Greek Tragedy
Think about credit differently
Greek heroes often suffered from hamartia, or a tragic flaw. Spending money to save money is certainly a flaw of reason.
Instead of thinking about credit cards as an extension of your spending, think of them as a report card for how you manage credit. If you cannot control spending urges, leave the cards at home. If you have to drive all the way home to get your cards, you may reconsider how badly you need the purchase.
Your credit score can be improved by keeping your total credit utilization under 10 percent, making small purchases and paying them off monthly. It may feel like a Herculean feat to pass up that deal, but the hero's sacrifice is rarely easy.
Paying more in fees than you thinkIgnorance seems to always come back to punish a tragic hero. He is completely oblivious to all of the money he's wasting in fees. He figures that they can't be that big of a deal if he doesn't ever notice them. He's being hit with interest fees, annual fees, and even an occasional late fee. But imagine what he could be doing with that money if he wasn't paying fees! Paying down debt faster? Saving for retirement? Giving a charitable donation? Surely that would earn the good grace of the gods.
Stop paying feesThe prophet Tiresias might have been blind, but he'd likely sense the fees draining his bank account. If your account is in good standing, try asking your issuer for a lower interest rate. Consider swapping to a card with no annual fee and no foreign transaction fee such as the Discover it Card. Be certain to budget to pay your monthly statement in its entirety and eliminate interest charges. Set up recurring payments to avoid forgetting a due date and paying a late fee. Maintaining an excellent credit score is vital to helping you qualify for the best available lending rates, saving you extra cash for your retirement plans on the Aegean coast.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV