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5 Credit Card Tips to Help Keep You Out of Debt

5 Credit Card Tips to Help Keep You Out of Debt

While credit cards can be useful tools for helping us pay the bills, they can also lead to a great deal of financial stress. These credit card tips will help you learn how to navigate the confusing world of credit and stay out of debt.

Don’t use your card for wants

While it may be tempting, avoid using your credit card for unessential purchases. It’s easy to lose track of how much money you’re spending when charging purchases to a credit card. For this reason, many people rack up debt by going on shopping sprees or simply not paying close enough attention to their spending habits. To decrease your chances of falling into the credit card spending trap, only use your card for necessities such as bills or emergencies.

Keep track of payment due dates

Missing just one credit card payment can have serious consequences. Not only will it dent your credit score, but it will also rack up a fair amount of interest. This interest plus a late payment fee will make it even more difficult to afford your payment the next month.

Pay your credit balance in full

Paying the minimum amount on your balance might not damage your credit score, but it will hurt your wallet. Each time you don’t pay your account in full, you’ll accumulate interest, which will make it harder to pay your balance in the future. If you aren’t careful, these interest rates can quickly accumulate over time and trap you in debt.

Don’t spend more than you can afford

A big credit card mistake that many people make is charging more than they can afford. If you know that you won’t be able to pay off a purchase in-full by the end of the month, then (if possible) you should avoid buying it. As a rule, you should avoid spending money on your card if you wouldn’t be able to spend it in cash.

Avoid cash advances

Cash advances can be especially dangerous when it comes to accumulating debt. By taking a cash advance, you’re also agreeing to pay a higher interest rate on the advanced amount and transaction fees. Plus, there is no grace period, so this interest will start accumulating right when you take the advance. As a result, you’ll have to pay a high amount of interest whether you pay the balance in full at the end of the month or not.


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