I might not be the best person to give advice about credit cards as I don’t owe the banks a lot of money. If I don’t shop, I don’t use my cards, but if I’m using one, I will pay off the debt on time instead of the monthly minimum payment. Some friends of mine have more than 10 cards, and you will be shocked at their credit card debts. If they are spending on emergency or when it’s urgent, I can totally understand their needs or why they should use the “future” money. However, if they are just trying to look good from outside even if they can’t afford it, then I can’t agree with the way they spend with their credit cards.

I think the annual interest of 18% per annum is killing a lot of credit card holders. Thus, it’s best if they can stop using the cards and work on the debt. Nonetheless, not everyone can do so, and there’s another option in clearing off the debt faster. They can always try for Balance transfer credit card which may offer a lower interest rate of the credit card balance from another bank. If they can consolidate a few accounts into one and only work on paying it off, it will be easier to manage their money too.

I guess most of us are aware of this option, but how many are really making use of it? Don’t just hold that platinum card to show off your status, if you are rich, spend with cash and ditch your cards. LOL!