credit card counseling

Managing Your Credit with Credit Card Counseling

Managing credit can be a challenge, so get it done with credit card counseling. Credit card users are often tempted to make large purchases and to take advantage of cash advances they can't afford. With credit card counseling, not only you can manage your credit, you can also reduce your debt payment. Find credit card counseling through a credit card consolidation company today!

There's no better way to keep out of debt than by tracking your spending and sticking to a budget. A budget can help you control your finances, decrease your debt, and build a strong credit history. Below are some tips for managing your credit:

Keep track of your spending...

• Save your credit card receipts and know what you owe. Make sure your credit card statement is accurate. Review your monthly statement when it arrives, check for any possible discrepancies, and be sure to report them immediately.

Watch your credit limit...

• You should always keep your balance lower than your credit limit. Add up any charges made after your statement closing date to find out how much credit you really have left (also called available credit).

• Keep at least a 15% cushion of available credit in your account in case of emergency.

Pay attention to payment dates...

• Pay attention to the due dates for bills so that they arrive on time. You can be charged additional fees if you slip behind on payments. We recommend that you mail your payment a week before the due date.

• If you have a Wells Fargo checking account, you can make payments at a Wells Fargo ATM or use Phone BankSM Center (800-TO-WELLS or 800-869-3557). Wells Fargo Online® also allows you to use the Internet to do your banking, including transferring funds and paying bills.

Stick to a budget...

• In general, less than 10% of your monthly income should go towards paying off credit card bills. If you are paying more, it's time to reconsider your monthly spending.

• Watch large impulse buys. These buys are especially hard to pay off.

• Use cash advances for emergencies only. Advances are the most costly way to use credit since you will pay higher interest rates and fees for cash than for purchases.

• Pay more than your minimum payment each month to help reduce the total finance charges you will pay.

If you find you cannot make payments, there are steps you can take to get your finances under control.

• Create a payment plan that will get you back on track. This plan should include whom and how much to pay each month. Then keep your word and pay these bills on time.

• Limit your credit card use until your finances are under control.

• Contact creditors and discuss payment schedules that you can afford. Creditors will want to work with you to find a payment solution.

• Use other available resources: For suggestions and tips, contact the National Foundation for Consumer Credit (NFCC) at www.nfcc.org.