Traveling Wisely – Be Smart With Your Money

People have found that they can run into completely unexpected troubles and issues when they are in different countries wile traveling. Sometimes they learn this important truth in a hard way. There are many queries and answers that might have saved them from the problems and issues they saw and once you are in a completely different country you need everything to travel without any fuss.

Traveling Wisely – Be Smart With Your Money

Traveling wisely is crucial to have a safe and enjoyable trip no matter where you are.

There are certain things that you need to care of whenever you are planning a trip. These things are not just to read but to be followed strictly to journey comfortably.

Make copies of documents: When you travel you must have copies of your credit card along with all the important documents you have got. This is a great habit and can actually save you a lot of trouble in case you run into any emergencies. In case, you loose your credit card it can become a nightmare to attempt to cancel the card as soon as possible if you do not have copies of your credit card. Make sure to keep these copies in different bags so that if you by chance lose one of your bags then you still have some copies.

Take separate cards: If you travel together with your spouse you can take along separate cards in numerous names and accounts. This way, if one among you loses their card you will still be able to use the other card for your stay during the time it takes to exchange the one you lose. Believe it or not it can take many hours to exchange your card in other countries. Having separate cards will give you the option of staying out of financial emergencies.

Make money transactions wisely: Your credit card company is consistently in action to look out for thieves and potential fraud schemes. When you travel you tend to withdraw money numerous times on a daily basis, this makes the company suspicious and they can deactivate your card based on this suspicion. So it’s advisable to withdraw money properly and not on whims. It is also good to inform the credit card company about your traveling plans so that they know you will be making a lot of transactions.

Inform your bank about the place you will be going and inquire if your credit card is the most suitable choice for that specific country you are traveling to. This is needed because sometimes the card transaction formalities differ from countries to countries. If you are a frequent traveler then you can also get cheaper rates on these things.

Why being wise is necessary

By taking these simple precautionary steps you can have a stress free trip. There are some pitfalls but those can always be avoided. Not to forget the fact that a credit card still remains a good means of shopping overseas. Although the exchange-rates offered by the credit cards are typically higher than currency exchange counters but using your credit card is cheaper compared to other options.

Steps to Get Rid of Credit Card Debt

Debts like credit cards and other consumer debts are wretched parts of the American households. Credit card companies put up attractive ads that promise to shower all sorts of freebies to their customers. According to the Federal Reserve, nearly 58% of the common people have outstanding credit card balance.

This shows that people need to start taking steps to get out of debt that is incurred because of unwarranted use of credit card.

Steps to Get Rid of Credit Card Debt

Here are the steps to eliminate credit card debt endorsed by the financial experts:

Start budgeting – Budgeting is best way to know about your financial health. At the onset, this might be a difficult task for you, but with continued focus and dedication it will become easier to follow. Budgeting is important because it will help you to identify the reasons for your bad purchases.

You should keep aside a part of your monthly income for recreational purpose. This is because essential monthly expenses like mortgage payments, house rents, groceries, insurance and so on will take up the lion’s share of your salary.

Creating a monthly plan for your expenses can certainly help you to stay inside your budget and increase your capacity to repay all your loans.

Make a list of all your loans- Make a complete list of your outstanding balances, interest rates and charges and rank them. Mortgage payments and vehicle payments may take the loin’s share of your monthly income since they fall in shelter and transportation category.

You can also trim your monthly expenditures to accelerate the loan repayment process and find new ways of reducing your expenses. You can also monitor your expenses and save up each pennies.

Deal with one credit card at a time- If you cannot cope with multiple credit cards, then deal with one at time.

Refrain from more debts – You are already overwhelmed with the present debt amount, and it would be wiser on your part to stop adding any more debt and increase your burden. If you keep using credit card irresponsibly, then you are digging yourself deeper into debts. The biggest challenge would be at this time is to abstain from all kinds of loans when you are already struggling.

Pay the maximum amount- The more you pay down each month, the quicker you can free yourself from all the financial nightmares you have. Those who make the minimum payment, their loan may continue for lifetime.

Use cash frequently – You must start using cash frequently and avoid keeping those cards with you. You may tend to overspend, if you carry your credit cards with you. Therefore, it will be a lot helpful, if you use cash to pay for almost everything. This way you’ll feel the pinch, every time you take out the money to pay someone and eventually save some good money.

Request for low interest rates from creditors- You can get a reduced interest rate on credit cards if you have a good past track record of repaying loans or you are a long-term customer who makes payments on time. The creditors may spare you and ask for lesser interest rates which will help you to save thousands of bucks annually.

Make more debt payments – You must make good use of all the spare cash left with you. Add those extra cash to the debt payment amount to pay off your highest interest rate debt, faster.

Ask for loan from friends and family members- This could be a good option to get rid of credit card loans quickly. If they agree to help you, do not forget to use a written contract with an established schedule for repaying and interest rates. Pride and peer pressure could motivate you to repay your debts to them as soon as possible.

Once you start living within your means, follow a good budget and reduce the unnecessary expenses, then only you can eliminate all your debt problems.