How to avoid landing into credit card debts

ashart By ashart, 1st May 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/41a9q272/
Posted in Wikinut>Money>Credit Cards

Many people found themselves land in heavy card debts after a few years of using credit cards. There are actually ways to get the benefit from the cards but at the same time, not land yourself in debt.

Introduction

People often see the benefits and discounts that they will get from credit card but they forgot one important point, that is, how to avoid landing yourself in heavy debt with credit cards. Yes, I know there are many benefits you get, discounts when you shop online, discounts at eatery, 0% installments, and many many more. But don't forget, when there are pros, there are also cons.

Ways to avoid landing in debt

So, the question is, how should we avoid landing ourselves in debt with credit cards?

1. Set the limit of your credit card to not more than 50% of your salary
- Eg. if you earn 3k, set the limit to be 1k.
- This method might not apply to all, so the next step would be setting a limit where you can pay it off every month.

2. Always try to keep track of what you are spending on with your credit card
- Most of us are using smartphone and there is so many apps out there to keep track of our expenses. Make full use of those, the currently app that I'm using is Spending Tracker by MH Riley Ltd. I find that it is really useful because I can set a budget monthly for each account that I've created.

3. Always try to pay off the amount that you have spend on credit cards
- Try to clear your credit card payment monthly and not accumulate them. The interest for credit cards are very high and when the sum snowballs, that is when you find yourself in heavy debt.

4. If possible, try not to use your credit card
- If there is no discount for your credit cards, try to use a debit card instead. Serves the purpose of cashless transaction but spending your own money at the same time. To me, I see credit card as future money, money that belongs to the bank, using them will made me pay more if I'm not able to clear the payment monthly.

5. NEVER use credit card to cover another credit card bills
- I know some people tend to use new credit cards to cover up the previous credit cards bills, which will only make matters worse. If you realize that you are in heavy debt, change your lifestyle, start saving and spending cash instead of credit cards. Must always remember to clear your bills and not accumulate.

Conclusion

Always watch what you are spending with your credit cards and clear your credit card bills monthly. Hope these ways will help to guide people who have just started using credit cards!

Tags

Credit Card, Debt, Debt Advice, Debt Crisis, Debt Management, Debts

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I love writing. I like to write whatever that comes to my mind.

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Comments

author avatar Shamarie
1st May 2015 (#)

Informative and helpful! Thanks!!!

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17th Jun 2015 (#)


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