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Credit Card Hardship Programs

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While we rarely think of credit cards as being in line with alcohol, smoking, and drugs, they can be just as addictive. That's especially true in the US, where any college student is bombarded with credit cards, and people already in debt regularly receive "pre-approved" credit card offers in the mail. Many people have come to rely on credit cards, not as a privilege, but as one of life's necessities. They won't leave the house without a credit card (or two or three), and many people wouldn't even dream of shopping with only their available cash anymore. These are signs of credit card addiction. If this sounds like you, follow this five-step program to help you beat it.

1. Admit that you have a problem.

As with any kind of addiction, the addict is often the last person to know. The first step is to admit to yourself that you really have a problem, and to truly believe that. If you don't understand your problem, you can't solve it. Once you've admitted your credit card addiction, make a commitment to yourself to beat it. Write that commitment down in a short contract with yourself.

2. Ask for support from loved ones.

I'm not talking about financial support here. You need to find at least one person that you can trust explicitly, and confide in them. Tell that about your problem. Ask them to serve as your moral support, and to encourage you if you should "fall off the wagon."

3. Make amends with people that your addiction has hurt

Your credit card addiction has likely hurt many more people than just yourself. Perhaps your family helped you pay off some old debts, and it hurt them financially. Perhaps your lousy credit has hurt your spouse or children, because you couldn't get a new car, buy a home, or send your kid to a better school. Maybe you've had to resort to "borrowing" money from friends that you've never been able to pay back. Now is the time to apologize to anyone who's been hurt by your credit card addiction, and to tell them about your plan to fix things.

4. Set a budget.

Once you've dealt with the emotional and psychological aspects of your credit card addiction, it's time to start taking action. The first thing to do is set a budget for yourself. Evaluate where your money is going, and decide where you can cut costs. Discuss your budget with your family, because it will likely affect them, and they can give you suggestions for ways to cut costs without giving up what's most important to you. The idea is to live by spending less, but not to live so lowly that you're miserable. If your budget makes your life feel like a nightmare, you won't stick to it, so be realistic when creating it.

5. Pay off those credit cards!

As you live according to your new budget, you'll have extra money on hand. Cut up those credit cards, and put half of that extra money towards paying them off (that's in addition to what you were paying on them each month previously). Put the other half into a savings or money market account, so you can earn interest. By the time your credit cards are paid off, you should have a nice "reward" for yourself and your family saved up. Use it to take a vacation or to buy something the whole family can enjoy, and you won't need a credit card to do it!

Copyright 2006 Stephen Ashton

Credit Card Hardship Programs

Credit card holders love to obtain rewards credit cards. And why not? Rewards credit cards give bonuses and privilege to its members by simply using credit cards on their purchases. However, not all rewards credit cards are suitable for all types of people. Using the wrong types of credit cards can be more of a disadvantage rather than an advantage if not correctly used. Thus, as a consumer, you need to make sure that you'll get the one suitable to your needs and lifestyle.

All rewards credit cards require its users to gather points in order to get a bonus or an incentive. Points are collected with each time the card holder makes a purchase using his credit card. Different credit cards give different points equivalent to every dollar of purchase. When the card holder has collected the minimum points needed, she can claim his bonus or reward.

Credit card rewards come in different packages. There are credit cards that especially provide free travel privileges, gas rebates, cash rebates on purchases, cash back rewards, discounts, freebies and a combination of all these bonuses. Hence, you can select your preferred type of reward that you can most benefit with.

An important reminder for rewards credit card holder is to select the card that matches their spending. For example, a frequent travel miles card may not be best for those who only use their credit cards once in awhile. It will usually take a huge number of mileage points before you can receive your travel reward. Thus, you may need to make a very large amount of purchase before you can collect the minimum number of mileage points required to travel.

Those in business generally make large purchases so they can easily collect mileage points with a travel rewards credit card. On the other hand, for those who only use their credit cards for their personal needs can perhaps best benefit from a gas rewards credit card of a cash back rewards credit card. This is because these cards usually do not entail very large amounts of purchases before the card holder is able to redeem rewards.For instance, with a gas rewards credit card, you can get a 3% to 5% rebate on your gas purchases. Imagine how much money you'll be able to save in an entire month by adding up all the rebates you earn for this whole period. Also, some credit cards award 1% up to 10% rebates on all purchases while others use a point system to give rewards. There are credit cards that give 1 point for each dollar spent on your account while other card issuers give double points for each dollar.Obviously, you need to choose your rewards credit card very carefully. Don't forget to review all terms and conditions that apply to that specific rewards credit card you're applying for. Furthermore, bear in mind that the important thing with owning a credit card is to pay your balances on time. Otherwise, you may lose your privilege of redeeming your rewards and even worse, you can be facing bad credit in no time at all.

Copyright (c) 2008 Ann Wilson

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Both Stephen Ashton & Ann Wilson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Stephen Ashton has sinced written about articles on various topics from Hair Care, Credit Cards and Free Credit Report Score. Find out more tips and advice about how to clear your credit card debt at . You can find debt consolidation loans at. Stephen Ashton's top article generates over 6600 views. to your Favourites.

Ann Wilson has sinced written about articles on various topics from Student Credit Cards, Credit Cards and Airline Credit Cards. provides consumers with valuable reviews and information. Ann Wilson's top article generates over 14800 views. to your Favourites.

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