Credit Card Mistakes You Must Stop Committing
Credit cards are helpful financial tools but there are so many instances you can abuse it. A small credit card mistake can bring about thousands of dollars of debt problem you’ll find hard to escape. To prevent this from happening, take a look at the common credit card mistakes below that you probably are committing and start avoiding them.
- Owning multiple credit cards.
Owning multiple credit cards will just lure you into thinking you have great spending power when you don’t. You will be tempted to shop more using the card and end up with very high monthly credit card fees and interest rates which are outside your actual spending capacity. As a result, you end up with skyrocketing credit card debts and eventually a bad credit.
- Not making full monthly payments.
Paying only a minimum monthly amount on your credit card is a big mistake as this habit will not only make it longer for you to settle your credit card debt but also let you suffer from higher interest rates.
- Late credit card settlements.
Worse than minimum credit card payments are late payments. Late payments give you unwanted penalty fees over the interest rate and the basic credit amount.
- Making the credit card limit your spending threshold.
Just because your credit card limit is $5,000 does not necessarily mean you must reach that amount monthly. You must make it a habit to be very far from such amount so as to not burden yourself when monthly dues arrive.
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