Mamma Musings

Saxon Associates – High interest credit card? Some tips


Pic Credit: Pixabay

Its a very strange times we are slowly getting accustomed to. Life doesn’t feel like it will be the same for a very long time. The kids miss their friends, their sports and giving their grandparents a hug. In the wider economy things have changed too, unemployment is so high, many businesses have changed/ adapted or closed altogether. People are feeling it financially, it bound to impact. However, it is also import to thing long term. As tempting as it may be to opt for high interest credit cards to fund short term cash issue, it is important to consider the impact of this. According to the average  credit card holder in the USA has at least four cards. On average, each household with a credit card carries $8,398 in credit card debt. Total U.S. consumer debt is at $13.86 trillion.

These figures are staggering and in times like this is is so important to be cognisant of the future impact of it. In the event they you have found yourself in a situation where you are serving high interest debt I have compiled some tips to assist you in addressing this.


  • I think at the outset you need to consider seeking the advice of a professional using an company such as Saxton Associates
  • If you have savings in cash consider using some of this cash to pay off the debt
  • Consider if switching cards could help. Some providers often run offers such as zero interest on transfers for a period of a number of months
  • Budgeting – I know lots of people hate the idea of sitting down to analyze their spending but it does work. Small changes can have a very big impact. For example buying generic branded products, taking your lunch to work

    coffee and notebook

    Pic Credit: Pixabay

  • What I do each year is keep a list of all my utility providers and when each years contract is up I ring around to get the best deal. Some have discount for ebills, other for lesser usage etc. Do your homework it can really pay dividends over the space of a couple of months
  • Plan, plan and plan some more. For example if its a holiday or a new car you are aiming for. Work out how much you  would need to save each month to achieve that goal. I know a lot of people have laughed at me when I suggest the money jar! I love this and make great use out of it. We put all our loose change in it and then prior to our holiday cash it in. We have had some lovely surprises over the years when it was counted and much more was in it than we anticipated.

Knowing the above re the average credit card debt. I was interested to see what the flip side of this was like. I saw a survey on this from 2018 which suggestions that the median amount of saving that the average American household has is in the region of $11,000. The thing about stat’s is that that they can hide a multitude. In fact millions of households could save little of nothing while at the opposite side of the spectrum the rich and famous may be saving plenty.

The important thing is not to neglect your financial health.

Note: This is a collaborative post
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