Guess what guys? It’s credit card bill time.
I’ve already received my credit card statement for the month of December in the mail. Most people will be receiving their credit card bill very shortly. This means that there will be many depressed 20-somethings.
Instead of writing about debt reduction I wanted to try something a bit different today.
I have listed a few questions you can ask yourself and hopefully answer here in the comments section (you can also email me, both work), or keep to yourself, about your credit card statement:
Do I have the money to pay off this credit card bill?
Will this credit card bill be paid off in seconds by transferring money from your online banking account? If yes, then you’re going to curse while you transfer over your hard earned money. The good news is that once the payment is made towards your credit card statement you won’t have to worry about credit card debt creeping up behind you. The bad news is that if you don’t have the money in your bank account, the credit card bill will now begin to accumulate with your other debt. Can you handle this extra debt?
Will this statement put me further into credit card debt?
January has been proven to be the most depressing month. I’m positive that credit card bills have a lot to do with this. It’s a little ironic because the euphoria that comes with finding that perfect gift for your parents/anyone-worth-buying-for is unparalleled. Then you get your credit card bill a month later and you feel like you hit a brick wall. The holidays are over and now you must deal with all of the money you spent on those perfect gifts/deals.
How did I do this year compared to last year?
The time from Thanksgiving all the way until Christmas is when most of us traditionally spend the most money. Since you’re reading a personal finance blog, chances are that your goal is to eliminate useless spending and save more money. However, I can’t lie to you guys, I went all out this Christmas and spent more money than ever before. How about you?
For those of you without a credit card, you won’t have to worry about receiving your credit card statement in the mail in the next few days. For everyone else, let’s hope the credit card bill gets lost in the mail.
If you feel stuck in a rut or like you have nowhere to turn, here’s some good articles about credit cards and debt reduction for you to look over:
Paying Off Debt Hardcore Style
Should I Cancel My Credit Card?
Responsible Credit Cards Usage Tips
A Student, A Koosh, And Credit Card Debt
Reduce Credit Card Debt Right Now
Credit Card Fees College Students Must Know About
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Here is some other questions I would add:
What value or return did I get from the stuff I bought?
Did my purchases move me forward or backwards?
Why did I purchase those items? Did it make me feel good inside or was there more to it?
Some very good questions Thomas. Unfortunately, those questions are usually avoided because the answers are too difficult to face.
Good questions to ask but if someone goes too hardcore down this line of reasoning, they risk leading an extremely mundane life because they aren’t willing to spend money on anything beyond the necessities to survive (house, transportation, food, clothing).
There needs to be a balance between good personal finance and enjoying life.
I’m the biggest support of balance. I get mad at my friends that view special events as a waste of money. I feel that life is to be enjoyed at a reasonable level. I think we should all have fun as long as we keep the future in mind.
With that being said, this was an open ended post just to get people thinking about their credit card bill for this holiday season. In the post it would always slap me in the face when the third week of January rolled around.
Great questions! I think many of us take a cursory glance at our bills, pay them, and move on.
Maybe another question could be: What could I have done without charging?
Good question FFB. Sometimes before I swipe my credit card I stop to see if I have cash in my wallet to use for the purchase.
We charged this Christmas because we had less savings due to becoming homeowners. Next Christmas will be better.
It’s cool to hear you guys are realistic Ken. We’re all in different situations and we all need to understand that. What’s the plan for next Christmas?