debt

7 savvy steps to escape the credit grid

Put your credit cards in the deep freeze
Next
3 of 9
Back
Put your credit cards in the deep freeze

Lisa Kirchenbauer, president of Omega Wealth Management in Arlington, Va., advises that you shut down automatic bill payment connected to credit cards. Otherwise, you'll just keep running up balances on those credit cards and remain reliant on credit.

People who are early in the process of getting off the credit grid usually don't have emergency funds, so having a credit card for financial emergencies is a good idea.

But, to make sure you don't lower the bar for what constitutes as an emergency so you can go to a great sale at your favorite store, Burton suggests putting your credit cards in a plastic bag full of water and stashing them in the back of your freezer.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARD WEEKLY NEWSLETTER

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

When is debt off credit report?

Dear Debt Adviser, How do I find out the timeline on my debt? I know after six or seven years the debt is taken off. I would like to know if there is a way to see if it is gone. -- Mark Dear Mark, Now you see it, now... Read more

advertisement
Partner Center
advertisement

Connect with us