Spring Cleaning...For Your Wallet

As many of us are busy spring cleaning our homes, we oftentimes forget to spring clean one other very important aspect of our lives -- our wallet.

While it may be easier to keep the proverbial “door to your wallet” closed and ignore the clutter that is inside, making sure your home and your personal finances are all cleaned up is a good thing.

Here are a few tips to get you started: · Bring in the Professionals: While from the outside it may not appear as if your wallet is in desperate need of professional help, it's always good to talk with your credit company and bank to get a full picture of your finances before you start cleaning up. · Consider Consolidation: Tired of keeping track of numerous credit card bills? Look into finding a zero or low-interest balance transfer credit card with a high enough credit limit, so that you can shift smaller balances all into one place. · Keep it Open: Even though you've transferred smaller credit balances onto one card, don't get rid of your unused cards just yet. Remember that credit utilization, or the ratio of credit limit to credit balance, is an important consideration for your credit scores. By closing your cards, you are lowering your credit limit without lowering your credit balance, and you may also be getting rid of cards that are boosting your credit history's length. · Reward Yourself: After all of your hard work, be sure to check your cards for any unused reward points you might have forgotten you were earning. Some rewards cards offer limited time perks or have points that expire, so it is always good to keep track of what you're earning. Of course, cleaning up shouldn't be a once a year occurrence. Daily credit monitoring services can help maintain your credit and allow for early detection of suspicious activity all year round!