Oh the Credit Card Bill is Frightful

Here it comes! All the money we spent in December with (sometimes) reckless abandon on:
a) Christmas presents
b) our stomachs or the stomachs of our friends
c) a thousand cab rides
d) February's sun vacation
e) etc.
has finally caught up with us with the arrival of January's Visa (or MasterCard, or Amex) bill.

Oh well, it's not like it doesn't happen every year, so no surprise. And there's no need to panic, because:
a) it happens every year without fail
b) it manages to get paid somehow (we hope!)
c) everything we spent money on was worth it (especially our stomachs!)
d) we're going to map out a budget and stick to it.

Here's how I'll attempt to keep my credit card in check, not just now but for the rest of the year:
a) Talk to my bank about consolidating debts into a neat little package, maybe in the form of a personal line of credit with a super-low interest rate
b) When I get the monthly statement for the line of credit, I'll pay the interest charged PLUS $100-$200 to keep the balance going down, down, down. Here's hoping this will more than cover the minimum payment due
c) Go ahead and use my credit card, especially the one that amasses travel points – I'll just pay the balance down to $0 every Saturday morning (try it!)
d) If I must carry a balance for something, I'll use the line of credit.

Good luck!

- Doug Wallace, Deputy Editor