How many times have we heard this...
"I get in trouble using credit cards.
I need a process to catch up and get better control of their use."
The problem with Credit Cards use is rather basic...
The problem IS NOT:
• The Bank makes it too easy to get a card
• The card company sends mailers all the time
• They charge a high interest rate
• That we use the credit card
• That it is too easy to use
The problem IS:
• A credit card charge is not treated as a form of
• Card use is not tracked like a check is tracked in a
• There is no "Credit Card Register"
• People are already experiencing a similar problem with
Debit cards (by not recording the expense)
• The same problem would exist if we had no check
register and just wrote checks
• We spend (charge) money we don't have!
• We asked for credit and now want to blame others for
giving it to us
• We signed the application when we didn't have to!
The Solution is:
• Track / log credit card charges, like a written check is in the check register
• Maintain the equivalent of a check register for each credit card
• Use a spreadsheet for each credit card
use IC-Home Edition
• Adds all credit card charges and compares to checking account balance
• Treats each Credit Card Charge like a check payment