How did you learn to become financially responsible?  Was it something that was taught to you in school?  Was it something that was discussed often in your home, and did your parents take the time to nurture and instruct you in the fine art of handling money?  Or did you, like many, have to learn "the hard way" by running up debt on credit cards that you did not have sufficient funds to pay back in a timely manner?

Believe it or not -- it's never too early to start teaching your kids about money!  One of the first things young children understand is "I want".  So why not take the time to instruct your child that with "I want" comes the responsibility "I earn".

Being "financially healthy" means more than just being out of credit card debt.  Becoming debt free and staying debt free means learning how to manage and handle money on a day-to-day basis as well as saving for your future.

Although most credit card companies allow a grace period during a billing cycle - when consumers are not charged a finance charge - your low interest rate can be affected if you don’t mail your payment in on time.   In fact, most credit card companies will default automatically to a higher interest rate just after one missed payment even if you are still in the introductory period. 

Not everyone qualifies for an introductory “teaser” rate, even if the mailing you have received indicates you are “pre-qualified”.  In reality, the actual rate is calculated based on your credit score.  So once the introductory rate has expired, the APR can jump to standard rates (or higher).  Do you know your credit score?

Some credit card companies charge a fee as high as 4% when consumers move their balances from one credit card to another, and this fee is in addition to the interest, which is added to an account. On a $5000 balance, the fee could be as high as $200 just to move your balance from one account to another.

Balance transfers are often a tool used by creditors to seemingly help customers manage their credit card debt.  However, if an offer seems too good to be true, it probably is.  Read the fine print on those balance transfers, which entice the unsuspecting public to move the balances from one credit card to another. 

If you owe an average credit card balance of $5000 at a standard 18% APR, the average minimum payment is approximately $125/month.  That seems manageable, doesn’t it?  However, if you continue to make only the minimum monthly payments AND you never add another charge to this balance, it will take you 26 years to pay back the amount you owe.  

But that amount doesn’t include interest!  So in addition to the $5000 charged on the credit card, you will pay the credit card company an additional $7115 over the next 26 years in interest.

In today’s world, knowing your credit score is as important as knowing your social security number and your birth date.  In fact, your credit score can reveal more about you to banking institutions, mortgage companies and even employers than you thought possible.  It is terribly important for you as a consumer to know your credit score which is reported from the top three credit report agencies:  TransUnion, Experian, and Equifax.

Many people struggle with out of control credit card balances.  Despite the pressure you feel from your credit card burden, you are not alone. Did you know that Americans have approximately $800 billion in credit card debt? 

Debt Settlement USA is pleased to provide you with some helpful information about managing your credit card debt.

Living within a budget is one of the smartest things you can for your financial health - You want to be in control of your money not let your money control you!  But creating a budget can be a little overwhelming, and one of the best ways to start is to review your spending habits.  We recommend the Family Monthly Budget spreadsheet available on most versions of Microsoft Excel, which is designed to perform all of the calculations for you.  However, if you don't have access to a computer, don't fret.  Simply purchase a notebook and write down everything you spend over the next 30 days.  Everything!  If you buy a pack of gum -- write it down.  If you go to the movies -- write it down.  Being honest with yourself about what you spend is the keystone to a successful budget.