If you are familiar with the term - 'pinching from Peter to pay Paul' and are currently adopting this exact mentality where your credit cards and other bills are concerned, it really is time to read this article and heed the advice.
It is a fact that this position is a very dangerous one to be in, if a Mastercard bill lands on your doormat and you have to use another credit card to pay the minimum amount - your debt will only ever escalate and the situation will continue to get out of hand.
By paying the minimum amount each month, the majority of that payment will go towards paying off the interest that has accrued over the last month. All credit card statements are legally obliged to indicate the estimated interest payment for the next month and when you deduct this from the minimum payment, it usually only leaves a few pounds to actually clear the balance.
If you are getting into debt to pay off other debts, you are already living beyond your means and there is insufficient funds coming into your household budget. You could find a way of earning more money to help to decrease your debts, but for many people in this present economic climate, this is easier said than done.
If you are really struggling to pay off your debts, approach a reputable organisation that will help you to ameliorate the situation: preferably a charitable one that will not look at you as a nice money making machine. The most responsible way to use a credit card is when you only ever borrow exactly what you know you can afford.
