How to make a credit card resolution you'll keep

How to make a credit card resolution you'll keep

Whoever first came up with the idea for new years resolutions must be pretty proud of themselves right about now.

What might have started as a nice tradition has become a billion pound exercise in self restraint and self goading which promises that it can make us thinner, richer, less debt-ridden and just all-round better people.

For confirmation just look at any credit card comparison after Christmas: it'll be filled with 0% balance transfer credit cards that promise debts can be wiped, 0% purchase cards offering guilt-free spending and bad rating plastic which promises a fresh financial start full stop.

It would be silly to suggest that all of these promises are false or that all the people making them are expecting too much of themselves but since falling for and making false promises happens to the best of us this guide will point out three of the major pitfalls waiting to befall those who are looking to make a credit card resolution this year.

The first point to make is obvious but true: be realistic.

Not all mountains of debt can be solved by 0% balance transfer credit cards. Here's a common scenario: someone with a credit card debt goes to look at balance transfers, can't find one that offers a high enough credit limit to move all their debt to so decides not to bother.

Fair enough, right? Wrong.

Even moving a small proportion of the debt to another card with a low or no rate offer is going to save a lot of money compared with trying to pay back at high interest. A small step is nowhere near the same thing as a failure.

The second point to make is that resolutions are a New Year tradition in name only. Whenever they're made they need to be carried out over a long period of time to be effective.

This is particularly true of bad credit rating credit cards when only careful use over a long period of time can ensure a better credit report for the recipient and, ultimately, an easier time of getting credit in the future.

Finally, the third point is that all of these offers, particularly at New Year, are available for a limited time only so the second point particularly extends to knowing when a resolution - for example, to spend more to earn rewards - isn't worth following any more.

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