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Posted on 06/29/2018 in Other

4 tips to keep you away from credit card troubles

4 tips to keep you away from credit card troubles

Credit cards offer a convenient and swift service for purchasing groceries, buying gifts, shopping for clothes, paying for a sumptuous meal and the works. However, it’s important to know the risks and advantages of this plastic card for all we know, it can either help you through tough times or drag you down the debt hole. 

If you want to steer clear of credit card troubles and keep your credit score to a good standing, learn how to use your credit card wisely. Here are tips to keep your spending habits at bay and on how to use credit cards responsibly: 

Pay more than the minimum monthly bill

Paying only the minimum payment for your bill does nothing but drags longer the time for you to repay your debt. Not only that, it can increase the interest as well. 

Given this, always make it a point to pay more than the minimum payment amount; and if you’re lucky to not get trapped in a credit card debt yet, don’t make the mistake of getting in the cycle.

Think before you swipe

Purchasing items using a credit card means tends us to overspend all willy-nilly since with just a swipe of a card, the item is yours; no need to withdraw from an ATM whenever you’re short on cash. 

The drawback of the ease of using credit cards, though, if you don't see the numbers whenever you buy something so the psychological effect of keeping your money at bay when using cash is out of the picture. An easy solution to this overspending trigger is to keep track of all your transaction and use cash as much as possible; leave credit cards at home.

Stay within your credit limit

Your credit limit establishes how much you’re free to use and at what amount you should rethink whether or not it’s still good to purchase a $500 camera. Your credit score, and your ability to borrow money; apply for loans, considers how much debt is under your name. Naturally, keeping a well-balanced credit score is good and will keep you away from debts. 

Don't purchase anything you can’t afford to pay for in cash

Since with a swipe of a card, you can easily get the latest smartphone, other gadgets, and even leisure travel, purchasing anything on credit is easy without the need for second thoughts. This can lead to credit card debt.

To prevent this from happening and to be a more responsible credit card holder, have your mindset to not purchase anything you can’t afford to pay for in cash. It’s a good rule of thumb to steer you far from debt.

How do you keep away from credit card debt? Share your thoughts with us!

About the author: Chie has spent time figuring out ways of saving money and stepping away from her go-to retail stores. She then became a writer for QuickCash Australia which offers hassle-free loans services.

Posted by Chin Tac
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