A wise woman recognizes when her life is out of balance and summons the courage to act to correct it, she knows the meaning of true generosity, happiness is the reward for a life lived in harmony, with a courage and grace.
If you are worried about job security and do not have an adequate emergency fund (ideally eight months' worth of living expenses stashed away in a federally insured bank or credit union), you need to focus more on saving money than paying down the balance on your credit cards.
Rather than saying, 'My checking account is a wreck,' change it to 'I will learn how to track my spending and balance my checkbook.'
Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts - and people who have made timely payments are not exempt. So even if you pay off your balance - and that's tough when interest rates are insanely high - there's a good chance your credit limit will be slashed, and that will hurt your FICO score.
I have always advocated doing everything possible to pay off credit card balances; it's good financial management and the ticket to a strong FICO credit score.
I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance.
Those carrying a credit card balance should scale back to making the minimum payment each month so they have more money to put into savings.
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