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Credit cards work FOR YOU or AGAINST YOU

A friend of mine doesn’t have any credit cards because their credit profile is in ruins.

However, it’s not the worst situation to be in. Since they have to utilize a. debit card for everything, they can never create credit card debt.

Credit cards are such excellent tools that I’ve rarely used a debit card since I got my first one after graduating college.

But if you struggle with using credit cards responsibly, why place yourself in a compromising position?

Avoid credit cards altogether and save yourself years of paying off debt if you find it challenging to successfully and prudently manage a credit card.

The 10 Things To Try

Spend less than you earn.

Maintain only one credit card.

Don’t allow others to use your credit card.

Only use up to 10% of your credit card limit.

Consistently monitor your credit card balances.

Self-educate. Learn how to manage credit cards properly.

Don’t use your credit card until the balance is paid in full.

Don’t use a credit card if none of these options work for you.

If you can’t make a purchase with cash, don’t make the purchase at all.

When you buy anything with your credit card, immediately pay it off.

4 Consistently monitor your credit card balances. A friend was just spending, spending, spending, and spending. One day, they decided to check their credit card balances, and they almost fell out. Do you know why? Because they weren’t checking their credit card balances. They checked just in time before they reached the max limit. You’re likely overspending if you’re not checking your credit card spending. Check your credit card balances to stay on top of them and avoid leading yourself into a pile of debt you never intended to pay. #10 Use It And Pay It – Immediately This is a pretty ambitious tip, but it can help those who struggle with spending more money on their credit cards than they have on their bank accounts. Whenever you make a purchase with your credit card, immediately pay that purchase off so you’re not accumulating a balance. Not only will this keep your credit card usage at zero, but it will teach you how to manage your credit card and only spend the money you have available. Which ties into the previous tip. #9 If you can’t make a purchase with cash, don’t make the purchase. Don’t use a credit card if you don’t have the cash. There are instances where this makes sense, such as dire emergencies. But a vacation, a new outfit, a pair of shoes, a phone, a new gadget, unnecessary dining out, or recreational and entertainment activities do not qualify as emergencies. Kapeesh?

This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.

This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.