The 30 Day Zero Rule

It amazes me that "the average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008." (Source: Nilson Report, April 2009) And yet we still use our credit cards regularly without remorse.

I am fed up with trying to pay down credit cards, that continue to grow in size. It's pointless!! That is why I am encouraging everyone to start using the "30 day zero rule."

30 Day Zero Rule:
From this point forward I will not allow myself to use a credit card unless that card had a Zero balance within the last 30 days. If you pay your credit card off each month, than you can use that card; but if you carry a balance for more than a month, you cannot use that card again until is has been paid off in full.

Any credit cards that currently have a revolving balance are subjected to this rule and therefore cannot be used. This is the only way to guarantee that your payments will actually decrease your debt.