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Manage your Credit Card or run Bankrupt

Updated on September 24, 2015

The technology of using credit cards for purchasing goods has been very helpful in human life. With the current growing number of responsibilities to handle constrained finances, credit cards play a very important role in most of the people`s lives. Credit cards have made it possible to purchase items of our choice, even if we do not have the cash in hand to pay for purchasing the items. This mode of buying goods have made people to utilize their financial resources even before they get it in had and settle the bills later when they are able to access the finances.

Credit cards have made life very simple for the users; despite its simplicity, there is also a big price to pay for it. Credit card can be a costly affair when holders do not exercise proper financial habits and develop discipline in using and paying the credit cards, that would help them to be free from risks of bankruptcy. Credit cards have also been identified to promote the habit of bulky buying even when one does not have money in their hands. This has made many people to land themselves in financial problems which have led to them being bankrupt.

So, it is important to learn on how to manage credit cards without risking ourselves into falling into financial traps. Without proper strategy, even the most discipline person can easily be a victim of credit card mismanagement. It is therefore very important for those possessing credit cards to adhere to best financial practices.

One of the important way to manage one`s credit card is to constantly keeping a check on the credit balance. Updating oneself with the credit balance helps to plan the spending behaviors avoid practices that cultivate unnecessary buying. This unplanned buying will always lead to financial troubles.

The next important aspect is credit card management to settle the expenditure in regular manner. This can be done through the online payment method, which is the easiest and most convenient way and is offered by most credit card providers. This will help in not missing the payments within due dates, as a result it will save the user from paying undue interests which increases the cost of using the cards. This will avoid pilling up of bills that may end up being hectic to pay and even avoid excess payment due to the high interest rates.

Another important aspect is establishing the credit card limit. This limit should be made, keeping in mind of the source of income and financial availability. This will also help us from instance of misuse of funds, which may lead to financial constraints. This limit cane be whatever one would like, but it has to be adhered to and strictly followed if the necessary outcome has to be realized.

One should structure a way to keep updated about credit card payments due dates so as to settle the credit card bills in time, else if left out the amount will get piled up to a point where the card holder will be struggling to paying back the due and hence creating financial troubles.

Following are some of the few tips for avoiding credit card problems:

  1. Before buying anything through credit card, remember your credit limit and your financial status about repayment
  2. Always keep a good balance of income and expenditure, never let your expenditure exceed income
  3. For making high value purchases, think twice before using credit card – better options are using cash or go for a long through bank
  4. If your card is offering Equated Monthly Installment (EMIs), then opting them will be a better option.
  5. Always try to manage your purchases without credit. Using credit card should be your last option.


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