1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

5 effective ways to eliminate debt in Charlotte

Debt Does Not Have to Be a Way of Life

Most people in debt have resigned themselves to it as a permanent condition. It has become the American way, and if you are struggling to pay your monthly bills, well, so is everyone else, right? About 70% of your fellow residents in Charlotte do have too much debt. You do not have to be one of them. You need to adopt the attitude that debt is not a way of life for you. You have the right to eliminate debt and begin a life of financial freedom.

5 Strategies

Be realistic about your debt and your income. Divide your debt by your gross monthly income. If the answer is .50 or more, you are in trouble. If the answer is below .50 you are making it, but you could be doing so much better if you had no debt.

Develop a budget that will allow you to dump excess money on at least one credit card bill enough until it is paid off. Then move on to the next one, and so one. Picking the debt with the lowest balance first will give you success faster and motivate you to continue this strategy.

Eliminate all non-essential spending for a month and see how much extra you have. Put it in savings for future emergencies, so you won't have to use a charge card.

Plan low cost entertainment and pleasure activities. They are all over Charlotte, and you need to find them.

If you cannot get your finances under control yourself, seek professional help from debt consolidation or relief professionals. There are a number of nonprofit organizations in Charlotte that offer a wide array of services for free, to include personal finance education and training, development of an individual budget that works, and reverse mortgage counseling for seniors. For moderate fees, they will negotiate with your creditors to reduce your total debt and set up a payment plan that you can comfortably afford. Such firms include the following two:

Clearpoint Financial Solutions (www.clearpointfinancialsolutions.org):Located in the heart of Charlotte, this firm has been in business since 1968 and offers all of the services and training mentioned above.
Christian Debt Relief (www.christiandebtconsolidation.net): You do not have to be a Christian to take advantage of the services offered by certified counselors who will provide the full range of counseling and debt management plan services.

Tourists in Charlotte

Visitors to Charlotte who want to vacation on a budget will have a great trip. Attractions include the African-American Cultural Center, the Actors' Theatre, Nature and Aviation Museums, and Discovery Place. Several hotels offer reasonable rates, to include the Candlewood Suites, Microtel, and Southern Comfort Inn. Greta food at low prices is available at a number of spots, like the flying Biscuit Café (yes, they really throw the biscuits), Restaurant X, and Jimmie's.