Even if you are only a casual sports fan, you will be familiar with a very much anticipated fight/boxing match between Floyd Mayweather Jr. and Manny Pacquiao.
The press storm surrounding this fight is insane but it is much deserved. Both are unique fighters and both have distinct styles that they bring to the fray.
Now, mere mortals have their own battles, too. Mine is against the credit card companies. It is in no way as dangerous to my health but my financial well-being is another matter as I am constantly attacked by my credit card bills.
Against the ropes
For a while in the not too distant past, I was constantly taking shots from the credit card companies in the form of monthly bills. The punches seem to come from every angle, and every day of the week, I dreaded another bill coming in the mail. I was getting hit from the right, from the left, from everywhere basically. It seemed that I was on the verge of being knocked out.
Good corner men
But in between rounds I received good advice from my corner. They told me that I can and should just roll with the punches. This is a tactic that a counter puncher like Mayweather employs beautifully. When the bills kept coming, I did not stop paying them altogether. Instead, I had the credit counseling company lower my monthly payments by lowering my APR. They also combined all of the bills into one so I am no longer having to deflect all these punches every other day. This was my version of counter punching.
The big bomb
Then the credit card companies countered by raising the APR to ridiculous highs. I think this was their version of throwing a knockout punch. For most people, this kind of interest would have them down and out on the canvas for the rest of their lives.
“Float like a butterfly…”
I know others will dodge this very easily by transferring a high-interest balance onto another credit card with a lower APR. This way they do not get hit with the ridiculous rates. But is this still the best strategy out there?
Tough and wily opponent
Then, the companies countered with fees. Particularly, inactivity fees. If you still have some credit lines open, it would be best to check that no hidden changes are going on. An unknown fee coming out of no where can be as damaging as a liver shot. It can knock you down or out if it messes up your monthly budget. If you have a variable APR, keep a keen eye on that too since they can raise that up until new legislation next year finally outlaws it. It’s kind of like punching below the belt.
Fighting or boxing?
For me, I think the best way to handle it might just be to tackle credit spending head on just as Pacquiao goes after an opponent with focus intensity. Instead of countering, I will just make sure not to even give them a chance to throw punches at me. I will pay the balance in full every month and only keep the oldest line of credit. I will make sure that I am throwing so much offense at them that they won’t even have the chance to go after me.
Can you tell who is itching for a fight?
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