How to manage a credit card «

How to manage a credit card


Despite all their advantages, credit cards can easily get you into a trap that’s difficult to get out of. They can be all too tempting as they provide such easy access to spending. They’re certainly not an effective means of borrowing as the interest rates tend to be much higher than loans, and if the balance isn’t paid off in full each month the amount you owe will quickly start to soar. Don’t think of them as free money just because you can put off paying the bill, and don’t view them as a way to solve your debt problems. If you know you won’t be able to afford to pay the balance, don’t allow yourself to use the card. Think of your credit card instead as a way of helping you to budget your spending and manage your cash flow, rather than as a way of delaying payment of your debts or hiding your debt problems. Only use your credit card if you know you’ll be able to pay for it when the bill arrives. If it helps, set aside a certain amount of money on a regular basis that you’ll use for clearing the balance.

 

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