In today’s society, it is almost imperative to have at least one credit card account. It is very important however that Americans need to utilize these charge card accounts in the right way so that the use of these cards doesn’t harm credit reports. There are quite a few ways charge card accounts will damage credit scores so I am going to give you the most important things to remember:

1. You shouldn’t ever spend over 50% of the credit line that has been extended to you. This type of use gives the impression that you are a high risk consumer. Even though you pay off the balance each month this use still poses a risk to the bank and it may effect your credit negatively. However, if you keep your balance below 50% of the credit line, this will affect your credit report in a positive way because it will show the creditors that you are using your credit card accounts responsibly and this will definately help you to keep a good credit report!

2. You should only utilize charge card accounts for purchasing products that you can afford out of pocket. I know what you are thinking “why do you want to utilize a credit card account if you are able to afford the product cash?”. This is the type of use that credit cards were designed for. Credit cards were not designed as a financial pillow they were designed for safety and convenience so the consumer didn’t have to go out with large amounts of cash on them. Using charge cards as a financial crutch can only lead to one thing, an aboundance of credit card debt.

3. You shouldn’t ever send in only your minimum payment required. If at all possible, you actually want to pay double or tripple payments. This will show the credit card companies that you are not using the credit card accounts to survive. This will show the credit card companies that you are utilizing your charge card accounts in the way that they were intended for use.

4. Finally when using charge card accounts, use common sence. I know this may seem stupid for me to say but, when working with a tool that can designate your financial stability in the future it is very important that you use common sense. You know think of things like “if you cannot afford it, then don’t buy it”.

Also, if you are going to get a credit card I advise Discover card

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The amount of mortgage approvals in Jan this year has risen by 4% to 39,230 and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.

The total value of all the mortgages that were approved in Jan came to £4.6 billion which is an increase on the previous month of £900 million, however, this is only a small amount compared to the estimated monthly average of £1.6 billion or even as large as the February increase of £1.5 billion, although, the total sum of money approved through mortgages in Jan, £4.6 billion, was well over the monthly average.

There was also good news from the building societies, the amount of mortgages approved by building societies rose to £1,542 million, compared to the £742 million approved in February.

And finally, there were also figures released by the British Bankers Association regarding lending rates to small businesses. They said that their figures showed that lending to small businesses had risen by £271 million in Jan.This has had a knock on effect of reducing small business insurance premiums for many companies. However, these figures do not match with the results that the Treasury Committee released saying how small businesses are finding it harder to borrow money from the banks.

Although these figures sound good, mortgage approvals don’t really affect us now, it’s mortgage lending that’s more important and the actual mortgage lending in Jan rose by £800m which is alot less than the monthly average of £1.2 billion.

Although all of the above figures are good news for the housing market and economy, there are still worries how house prices could slump again, however, even if the house prices continue to rise, the economy is still in a very fragile state.

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Credit card debt can cause problems for you in many areas of your life. I can cause stress as you try to deal with the mountain of debt that is hanging over your head and creditors call constantly. It can prevent you from getting certain jobs and even keep you from renting an apartment or house.

Credit card debt can cause you to be unable to obtain credit for a car, home or other large purchases. In short, it can cripple you. So how do you crawl out from under the debt and get yourself back on track? These 10 tips will help you towards your credit card debt elimination:

1. Don’t use credit cards as an extension of your income. More and more people are using their credit cards as an extension of their income. This is very dangerous. If you don’t have enough money from your paycheck to meet your needs or get the things that you want, using a credit card to “fill in the blanks” will only exacerbate your problem.
2. Pay off the credit a card with small balances first. Different people pay of credit cards in different ways, but a good method for tackling your debt is to first pay off the credit cards that have small balances of around $300 or so.
3. Pay off credit cards with larger balances by tackling the one with highest interest first. Once you have paid off your credit cards with small balances, you can begin to tackle the other cards. Find the one that has the highest interest and begin paying it off. When you pay that one off, go to the next highest interest rate and so on until you have paid off all your debt.
4. Keep only one credit card. Having multiple credit cards is only asking for trouble. You really only need one credit card for large purchases or emergencies.
5. Write down all of your spending. Track your spending by writing down every dime that you spend. Keep a small notebook with you and write down every cash purchase, check purchase and credit card purchase, including amount, date and what the charge was for.
6. Cut extra spending from your budget. Do you really need to go out to eat several times a week? Is cable television really necessary? Review your spending and cut out the things that are unnecessary. It may be uncomfortable for a while, but once you are debt free you will have room in your budget for the things you enjoy.
7. Don’t overpay your credit card debt. If you overpay your credit card debt by taking money from your necessities, then you will be inclined to use your credit card to fill in that gap. It is just a vicious circle that you will do well to avoid.
8. Create a budget. Create a realistic, flexible budget and stick to it.
9. Pay more than the minimum payments on credit cards. When you make minimum payments on your credit cards, you are barely paying over the interest. You actually pay very little on the actual balance. Always pay more than just the minimum payment.
10. Get help from a credit counseling service. A credit counseling service can help you pay off your debt and get your credit back on track. What’s more, they can provide educational services to teach you how to budget and how to handle your debt so that you can avoid getting into debt again.

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