Anyone who has a job knows work can be stressful and tiring. To alleviate some of the stress of work, many companies or employees start office contests. These contests break up some of the grinds of work and boost employee morale. Just today, I found out some of my coworkers started a contest on who will win the TV show Survivor. While they will not win the grand prize of a million dollars, like the Survivor winner, the will win bragging rights in the office lunchroom.
I recently spoke to a young lady who explained that she and a few of her coworkers started a contest to pay off their credit cards. Each employee disclosed to the group the name of a credit card, amount owed and the date they planned to have the card paid in full. They each committed to change their spending habits, less dining out and mall shopping, so they can apply for the money they save to the credit card and work on getting it paid off in full. You see, a large part of credit scoring is the amount owed on revolving credit cards relative to the limit. The less you owe, the higher your credit score.
To say the least, I was very impressed with this young lady and her coworkers. It is great to see the steps they are taking to improve their credit scores and get out of debt. For most consumers, a higher credit score leads to low-interest rate mortgage, student loan and auto loans.
I highly recommend all consumers take action to stay out of credit card debt. By staying out of credit card debt, you will not pay high-interest charges and your credit score will not be damaged. Just like body weight, credit card debt is easier to get into than to get out of. If you have too much credit card debt, create a plan similar to the official contest I mentioned and before you know it, you will have one less credit card balance.