I recently applied to Standard Charted Bank for a credit card. A limit of Rm3000, heck, I guess thats quite easy spend and I could pay the bank on a minimal monthly basis. The idea was to pay little, to buy time for other bills to be paid. Smart! But i found an article which made me think twice on using it…

This chart, via OnMyOwnTwoFeet, shows the incredible costs if you incur $5,000 in credit card debt and only make the monthly minimum payments.

By the time the debt is paid off, you’ll have effectively paid double the original debt.

This is why it’s:

• Really good to pay your credit off in full every month and
• if you can’t do that, pay as much as possible, and definitely more than the minimum monthly payment. These payments are purposely set low to keep you in debt as long as the credit card company can. It’s called the profit motive, and it’s not just for corporations, you should apply it to your personal finances as well.

Technorati Tags: self help, , business

Sleepyheads like myself live in perpetual envy of those who can just wake up without an alarm clock. In fact, my university roommate woke up every morning without his alarm going off once. WikiHow explains how you can join this elite group by training yourself to set a mental alarm.

Although I don’t think I could ever ditch the alarm clock altogether, I would love to wake up pleasantly each morning moments before my alarm blasted me into reality. Do any of you posses this incredible skill? What tips can you share with us?
How to Wake Up Without an Alarm Clock [WikiHow]

Technorati Tags: self help, personal