Avoiding credit card debt can be quite simple. Most
financial gurus that can be seen in various workshops or television programs
would encourage the general public to run in the opposite direction of credit
In some cases, avoiding credit cards all together may be a good option.
However, given a little bit of willpower and financial restraint, credit cards
can be a useful tool in building an excellent credit history. There are certain
situations that require one to have a credit card such making a reservation at
a hotel or renting a car. Consider the following points to avoid drowning in
credit card debt.
Pay the balance in full each month.
By paying the balance in full each month within the grace period, the borrower
will pay little if any interest.
Use it like a debit card.
Instead of charging everything without recourse, use the card like a debit
card. Automatically deduct the amount spent from the checking account. When the
bill comes, the money will available to pay the balance in full.
Pay more than the minimum.
If for some reason the entire balance cannot be paid in full, pay as much as
possible. The sooner the principal balance is paid off, the less in interest
will be paid.
Pay on time.
Do not be late making the payment. As soon as the billing cycle resets, if a
payment has not been posted, a late fee will be assessed causing an increase in
the balance. That is just more interest to be paid.
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