How Can I Use My Credit Card Responsibly?

In the 21st century having a credit card is almost a requirement. How can you use your credit card without making the mistakes millions often do?

You have a credit card - great! You are on your way to setting up a more solid financial history. Having a credit card is not a bad thing nor is it an invitation to accumulate debt. If you make sure you are using your credit card the right way getting buried by debt will be a lot less likely.

Limit Your Purchases

The fastest way to credit card debt is by using your credit card too much. Once you get in the habit of swiping it will be hard to break and very easy to overdo. When making purchases reach for your debit card or cash as much as you can, especially for everyday things or normal expenses.

If you have already got into the habit be mindful when you reach for you wallet - leave a sticky note inside or simply stop carrying your credit card everywhere.

Live Within Your Means

It’s easy to get a little overenthusiastic when you have a shiny new card burning a hole in your wallet. Just because you can charge up to your limit doesn’t mean you can suddenly afford things you couldn’t before you got the card. Don’t be tempted by shiny new things.

If there is an impulse item out of your normal budget you really want use the 30-day rule - if you still really want it in 30 days then buy it. Chances are you won’t even remember it by then. Impulse purchases are much easier on a credit card because you don’t have to pay for it right away so you don’t see the hit. If you do fall victim to an impulse buy try and use your debit card.

Getting into credit card debt is much easier than getting out of it.

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