Credit Card Mistakes You Should Avoid

Credit card debt is a huge problem in this country. For every American household that has at least two credit cards, the outstanding debt on these cards is around $15,500. It doesn't take a financial genius to figure out that if you only pay the minimum each month you will be carrying this old debt for decades! No one wants to be burdened with this type of overwhelming debt.

For whatever reason, many people continue to use credit cards in a reckless manner (that is, funding a lifestyle which they can't afford). Whether it's due to confusion or just plain carelessness, the results can be damaging and costly. It only takes one mistake, such as a late payment, for you to be hit with a higher annual percentage rate, exorbitant fees, and even lower credit limits.

If you choose to use credit cards for purchases, it's your responsibility to know the terms and conditions of each specific card and to use your credit wisely. Being aware of the more common mistakes people make when using credit cards can help you avoid making them.

Credit Card Mistakes to Avoid

Smartly controlling your personal finances requires patience and determination. Knowing how to use credit cards wisely can be the difference between financial freedom and overwhelming debt. Remember these tips to avoid credit card problems:
  1. Only charge what you can afford to fully repay each billing cycle.
  2. Always pay your bills on time.
  3. If you have an outstanding balance, always pay more than the minimum amount due.
  4. Avoid taking cash advances.
  5. Check your billing statements each month for errors and/or discrepancies.
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