Online Budget - How to close a credit card

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This article focuses on the best practical steps you need to take to close your credit card.
Here are the steps:

1. This step involves writing down the full amount outstanding on your colour-painted 
   credit. 
   
   You can do this by calling your bank or your respective institution as these days
   even non-banking institutions are offering this easy credit to every man on the street. 
   
   In this article we are going to use an outstanding amount R10,000 as an example.
   

2. Once you know the full outstanding amount on your credit card, you can move to step 2,
   which involves starting to pay your credit card. After each payment you must call your
   credit card institution and advise them to reduce the card limit, don't be intimidated
   by your customer (s)care consultant when s/he tells you that you will have to go through
   a credit check before they can increase your limit again. 
   
   Let's say you paid R2,000 out of R10,000, you need to call your credit card offering 
   institution and advise them to reduce your card limit to at least R8,500. 
   
   You will notice that I left at least R500, this is to prevent being charged a hefty 
   over-limit fee when they charge you interest. Repeat this excercise until your outstanding 
   balance is R1000(minimum card limit allowed by most banks), which is suprisingly the 
   amount you may be using every month.
   
   In most cases you can find that you only need 10% of what was offered by your bank as a 
   credit card limit. 
   

3. I often hear people talking about using their credit card for emergencies, why don't 
   they build their emergency fund through savings.
   
   The last step involves handing over your one piece credit card to your financial 
   institution.
   
   You will notice something strange at the end of the month, you will see extra funds on
   your pockets which is more or less the same as your credit card instalment.     
   

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The next article lists some of the excuses for people when they want to hold to their badly-managed credit cards.