Great Tips For Being Smart With Your Credit Cards
- Author Michale Anderson-Smith
- Published December 16, 2010
- Word count 417
We are a nation consumed with buying. So much so, that the average person has 3 or more credit cards and as if that's not shocking enough, all 3 of them are maxed out! Behind the scenes credit card debt is crippling our financial system and so many people are living on credit. Credit companies have extortionately high interest rates and borrowing money at those rates are just not smart.
There's an old saying that if you want to get out of a hole, stop digging. People who face serious credit card problems are usually "diggers" who can't stop spending more and more on their cards. If you want to get ahead financially you do not have to cut up your credit cards. You just have to learn to be sensible and to use them intelligently. Here are 3 simple tips to help you get smart with your credit cards and your spending.
- Pay It Off In Full
If you are deep in debt then this might sound a bit extreme, but if you really want to be smart with credit you need to make sure you pay off your debt in full every month. The upside is that you won't get penalized for late payments, your debt won't grow and you will most likely be rewarded by your credit card company.
- Emergencies Only
When credit becomes your main source of money, then you are in financial trouble. When all your cash goes into just paying off your cards, then you can get into a very deep financial hole very quickly. The best way to use a credit card is to have it for emergencies only. Don't buy your luxuries on credit!
- Don't Double Up
One of the first things most people do when they max out their card is to just get another one. The ironic thing is that usually within a month or two they max that out as well and consequently it doubles your debt. For many people it becomes a compulsive habit and with department stores now offer their own credit lines its very tempting to just buy more luxuries on credit. Don't get sucked into this - it's a dead end street and game you cannot win.
Cards are designed in such a way that you cannot win on the deal. It's nothing more than a loan and a loan comes at a price. Don't let the lure of quick money suck you in. Be smart with your money and take control of your expenses.
Read more about balance transfer credit cards and how to best manage your credit cards intelligently.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Top 10 Ways Production Scheduling in Business Central Transforms Manufacturing
- Strength Training and it's Incredible Benefits for Fat Burning
- Enhancing Home Security with Aluminum Shutters: A Focus on Weatherwell Elite
- 5 Easy Ways to Make Oral Hygiene Fun for the Whole Family
- Transforming Plastic Extrusion Machines into Recycling Powerhouses
- Unraveling the Potential of Plastic Extrusion Machines
- The Rise of Plastic Recycling Machines: A Step Towards Sustainability
- Strawberry Cheesecake Ice Cream: OMG! Unreal!
- The Advantages of Using Professional Home Cleaners in Ilford
- 8 Compelling Reasons to Hire Professional Home Cleaners
- The 12 Steps Narcotics Anonymous Program To Recovery
- Send Money to Tanzania: Effortless Transfers with SafariRemit
- Stylish Savings: 10 Frugal Ways to Stay Fashionable in 2024
- Fly Cheap With FlightPapa To Any City
- How Collaborating with a Software Development Company Can Propel Your Business Forward
- A Comprehensive Guide to Choosing the Best Hair Transplant Method
- 15 Frugal Tips for a Memorable Wedding Day
- Credit Union vs. Bank
- Explore the Advantages of Renewable Energy: Wind, Solar, Biomass, Hydropower and Geothermal Energy
- Frugal Nutrition: How to Eat Healthy on a Budget
- Fintechzoom Richard Mille
- Who owns the most Bitcoin?
- Fintechzoom IBM Stock: Powerful!
- Building a Professional Website on a Budget: Using Free Tools like WordPress and AI
- Navigating Vietnam's Tourist Immigration: Challenges and Solutions
- Bitcoin FintechZoom
- Cost-Effective Gardening: Tips for Enhancing Your Garden on a Budget
- Steve Wozniak: WOZ
- Keeping Your Garage Door Running Smoothly: A Guide to Drum Replacement with GarageDoorMagnolia
- When Your Garage Door Goes Rogue: Off-Track Repair in Tacoma and Seattle