gold dollarCredit Card Debt: 3 Easy Ways To Stay Away From It

Credit card debt can be a painful reminder of bad decisions.

Understanding whether the credit account is best suited for your financial and lifestyle needs is the most important step before you get a credit card.

Most credit cards companies like the FIA Card Services, N.A (the leading U.S credit card issuer and a wholly-owned subsidiary of Bank of America Corporation) offer attractive deals on cards.

Some companies also give low fixed/introductory rates on credit cards. In spite of this, many of us get into high credit card debt. But, there are ways to avoid this.  


Here are 3 ways to avoid getting into credit card debt:


1.  Check which credit card is best for you: Check the APR (annual percentage rates of interest or charges you pay as interest fees on the card for an entire year) on your card and consider reward systems or travel benefits like frequent flier miles before getting a card.

2.  Make a budget: Be honest about your spending habits and make a budget. Find out your necessary expenses (bills for rent, food, daily transport etc), recreational expenses (entertainment expenses, holiday fares, etc) and calculate the debt you owe on your credit card. If you use your card to pay for recreational expenses, then cut down on these to avoid getting into debt.

3.  Evaluate your finances: Make sure your savings are high compared to your expenditures. Allocate as much money as possible to your monthly credit card payments.

Increase your monthly payments towards high interest cards and tackle these high interest debts first. Make more than the minimum monthly payments to eliminate these. This helps you fight the rise in your monthly payments on these cards. You should create a payment plan starting with the largest credit card balances first and work your way down from there, thereby paying off your debt quickly.

Author: Robin Williams

TIP! Resist buying something just because it is on sale if what is on sale is not something that you need. Buying something that you do not really need is a waste of money, no matter how much of a discount you are able to get. So, try to resist the temptation of a big sales sign.

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