Banks, financial institutions, finance companies and retailers have made credit cards and store credit such a convenient method of making payments for goods and services that it is very easy to spend more than you have realized or made plans to. This is especially true during the holiday shopping season.

In addition to regular credit card financing, some consumers simply find a 90, 180 or even 365 days same as cash offer too much of a temptation to resist. Don’t fall into this trap! Ultimately, your rule of thumb should be the following: If you don’t have the money to pay for the item now (or have a guarantee of having the money within the offer term), don’t buy it. Also, keep in mind that the interest costs with these financing offers often accrues from the date of your purchase (be sure to read the offer details). For example, if you pay off the entire balance within the timeframe allotted in the offer, no interest will be charged. However, if you don’t pay off the entire balance before your same as cash days are up, the accrued interest will be added to your balance. Take a look at the rates that are typically charged with the retail cards making these offers. The interest rates are not low, because the finance company or bank stands to make a considerable amount of money if you don’t pay off the entire amount early. In fact, they are counting on it. Don’t let an impulse buy get you into a bad credit situation!

Get control of your spending habits and stop those unpleasant surprises by writing down every credit card purchase just like a check or cash expenditure. Even though it isn’t your money now, it will be later when it comes time to make the monthly payments. So, when it does come time to pay your monthly credit card statement, the money will already be in your budget and available to pay the balance in full.

Make better decisions when shopping for debt consolidation and financial services. Educate yourself!

Please note that the Debt Consolidation Loan Directory has a growing library of informative / educational resources for consumers shopping for many types of financial services, such as consolidating your bills, auto insurance and credit counseling. Their is no better way to make decisions regarding the management of your personal finances than to become educated. Please feel free to visit our consumer resources library.

• Do You Know the Warning Signs of Having Too Much Debt? - Review this informative article, provided by CitiFinancial, which stresses that you take control of your spending as soon as you notice any of these warning signals. Avoiding to do so could possibly lead to bankruptcy, which is not a cure for financial troubles. 
• Getting a Home Equity Loan: Questions to Ask - Check here for a list of questions you really should ask yourself before getting a home equity loan for reasons such as consolidating debt. For example, Have you evaluated all of your other available options before using your house as collateral for a loan? For most people, their home is their most valuable personal asset. Using it as security for any loan should not be taken lightly. 
• Understanding Credit Cards - They can be a great financial resource if they are used responsibly. Unfortunately, for a lot of consumers, they are a very big problem when it comes to managing their personal finances. This article from the FDIC stresses the importance of evaluating your true needs and understanding how credit cards work. 

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