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Credit Card Debt: How to Avoid It

Aug 17, 2007
Millions of individuals and families are indebt or on the verge of it. Debt can be accumulated from a wide variety of different sources; however, credit debt is the most common. If you are a credit cardholder, you may be concerned with what that card may be doing to your finances. Not all credit cardholders develop a problem with debt, but a large number do. To prevent yourself from falling victim to credit card debt, you are encouraged familiarize yourself with the proper ways to use a card.

The most important thing that you can do to avoid card debt is watch what you are spending your money on. There are a large number of individuals who only use their credit cards for emergencies, but others use them on a daily basis. What type of individual are you? If you find yourself using your card on a daily basis, especially if you do not have the money to payoff your balance at the time, you may be on your way to accumulating a large amount of credit card debt.

Curbing your spending habits is, perhaps, the easiest way that you can avoid credit card debt. Unfortunately, curbing your spending habits is often easier said than done. If you notice that you have a problem with spending, it is advised that you only carry one credit card with you. If you have more than one, you are encouraged to keep them in a safe place at home. The credit card that you plan on carrying with you should be one with a low spending limit. This limit may prevent you from making large purchases on an impulse.

When using your credit card to pay for an item, it is important to determine whether or not you can actually afford that item. Credit cards are nice to have if something unexpected comes up and you don't have the money. However, they should not be used on a daily basis, especially if you do not have the money to pay for your purchase in cash. Preventing yourself from making large purchases with your credit card is the best way to avoid debt. The less money you owe on your credit card, the less debt you will be in.

Aside from curbing your spending habits, you are also encouraged to make your payments on time. Even if you are only making the minimum monthly payments, it is still advised that you make your payments on time. If you miss a payment or send one in late, it is likely that your card company will charge you a late fee and increase your minimum monthly payments. This is where many individuals find themselves having a problem with debt. Once the monthly payment becomes too much to afford, there are many who just stop making payments. You are encouraged not to do this.

The more money you pay on your own bill the better, but it is important to remember that anything is better than nothing. Whether you curb your spending habits or go out of your way to make sure that your credit card payments are made on time, you are helping yourself and your finances. With a watchful eye, you can make sure that your credit card does not become a financial death trap.
About the Author
Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today for some great 0% balance transfer offers and start clearing credit card debt today.
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