Using A Credit Card Responsibly

Credit card debt can leave you feeling strangled and trapped

. It's easy to get in trouble with charge cards, and paying them off can be difficult. While it's good to have a card on hand for emergencies, you don't want to fall into the trap of allowing the balance to get out of control. Luckily, there are ways to avoid this pitfall and stay on track financially.

Emergencies Only

Charge cards are perfect for emergency car repairs and those unexpected expenses. They will allow you to get the brakes done when necessary, repair parts that fail unexpectedly and keep the car on the road. Whether the emergency is car-related or the hot water heater went bad at your home, the trick is to pay off the bill in a timely manner. Pay more than the minimum due, and try to get the balance paid in full as quickly as possible. Remember that paying the balance down faster will reward you with a reduced interest expense.

Keep Track of Purchases

Reward cards can pay you back with cash payments and gift cards to your favorite stores. While this is a great way to get some extra money, the benefits should be weighed against interest charges. If you are going to use a rewards card for everyday purchases, keep track of your spending. Set the money aside throughout the month, and then you will have the funds to pay the balance when the bill arrives. When using a card for everyday purchases to earn rewards, you should make sure that you are paying the bill in full at the end of every month.

Remember the Monthly Payments

One way to resist the temptation to charge is to remind yourself of the monthly payments. It's easy to charge small purchases this month, but the payment can leave you a little short on funds next month. When you do have to use the card for an emergency or something special, try to get it paid off before using it for anything else. In addition to the monthly payments, take a moment to think of the interest charges that can start accruing as soon as you make a purchase.

Self-Control

If you find that you cannot resist the urge to charge those extra items, then you should leave the card at home. When it's not in your wallet, you won't be as tempted to buy those adorable shoes or new gadget. If necessary, put the card on ice by freezing it in a cup of water. You will be able to get it out when you need it for a major purchase, but it will make it easier to avoid temptation. If you want to carry a card with you, then take some other steps to help curb temptation. Keep the card sealed in a sleeve, so it will take longer to get to it when shopping. Put written goals in the wallet that will help you remember that creating debt isn't the best financial choice. If you find that you keep falling victim to the temptation to charge small purchases, then you might want to leave the card at home in the future.

Having a card can provide you with the financial cushion you need to deal with emergencies and make big purchases. The trap of credit card debt is easy to fall into, but you can avoid it if you take the right steps from the first moment the card arrives in the mail. With responsible behaviors, you can enjoy the flexibility of credit without falling into the quagmire of debt.

by: Abby Crowhurst

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