I think this is the greatest invention to the banking system ever created. If overuse or over reliance upon credit cards was a cause of your bankruptcy, the Visa ATM might be a blessing in disguise.

Well if you’re a banker you would disagree and say that compound interest is the greatest invention, but post bankruptcy life requires the use of some credit or the ability to “charge” things.

The VISA ATM card is a bank ATM debit card that acts in many ways like a credit card.

Look for the Visa or MasterCard Symbol on the card. You can use the card like a credit card. I’ve used mine to rent cars, buy airline tickets and reserve hotel rooms, in addition to normal everyday purchases.

The magic is that you can NOT overspend. Your credit limit is whatever is in your account.

It is also a great way to keep track of expenses and if integrated into a well designed spending plan works miracles in how you now handle your money in the future.

If you already have such an account, pull out two to three months of statements, and go through each entry. If you are like me I use only a small percentage of cash and almost no credit card charging (most people who file bankruptcy have had their credit cards cancelled or maxed out months before filing – so this may be an accurate method to analyze your spending habits).

If you’re looking to find that “dresser money” or to identify new sources of money to add to emergency savings and 401k this is ground zero.

If you look closely you’ll see how much money actually slips through your fingers – money that could be saved or invested. If you are honest you’ll be quickly able to identify that Latte Factor or Six Pack money – daily coffee, meals out, overspending, beer, cigarettes, premium channel cable. Take a close look and make some much needed cuts.

Disclaimer

Fresno-Bankruptcy-Lawfirm.com is owned by the Law Offices of Jeffery D. Rowe. We are a debt relief agency. We help people file for bankruptcy relief under the Federal  Bankruptcy Code (Title 11 of the United States Code). If you would like to discuss your situation in further detail, please call our offices at: (559) 228-1500 to schedule a consultation.