DEALING WITH CREDIT CARD DEBIT

There is one alone, and there Is not a second; yea, he hath neither child nor brother, yet is there no end of all his labor neither Is his eye satisfied with riches; neither saith he,for whom do I labor, and bereave my soul good? This is also vanity, yea, it is a sore travail. Ecclesiastes 4:8

I. Americans are loaded with credit card debt.
The average American household with at least one credit card has nearly $9,200 in card debt, according to CardWeb.com. The average interest rate runs in the mid-to-high teens at any given time.

2. Some debt is good.
Borrowing for a home or college usually makes sense. Just make sure you don't borrow more than you can pay back, and shop around for the best rates.

3. Some debt is bad.
Don't use a credit card to pay for things you consume quickly, such as meals and vacations, if you can't afford to pay off the bill in full in a month or two. There's no faster way to fall into debt. Instead, put aside some cash each month for items so you can pay in full. If there's something you really want but it's expensive, save for it over a period of time before charging it, so that you can pay the balance when it's due and avoid interest charges.

4.Get a handle on your spending.
Most people spend thousands of dollars without much thought to what they are buying. Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over, or use it to reduce your debt more quickly(c.f. Ecclesiastes 4:8)

5.Pay off your highest-rate debts first.
The key to getting out of debt efficiently is to first pay down the balances of loans or credit cards that charge the most interest, while paying at least the minimum due on all your other debt. Once the high-interest debt is paid down, tackle the next highest, and so on (I Corth. 4:2).