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How to Prevent Yourself From Getting Into Credit Card Debt

Here are four tips to avoid accumulating debt on your credit cards

Credit cards help you in so many ways. You can reserve a flight ticket without moving out of your home or you can purchase necessary items even if you don’t have the required cash with you. It is also quite easy to fall into credit card debt if you don’t know how to manage your credit cards properly.

4 Tips to avoid credit card debt

Following are 4 tips that can help you to avoid accumulating credit card debt.

  1. Pay more than minimum dues: You actually build up interest on your cards when you make only the minimum payments. In turn, it increases the overall cost of your credit cards considerably. Therefore, make an extra payment towards your credit card debts whenever you can.

  2. Pay before the due date: Don’t make a habit of paying credit bills on the due date. You’ll incur late fees if you miss the due date of your payments. Therefore, it is advisable that you select a particular day in each month to make the required payments. In this way, you’ll not have to remember each and every due date of your multiple cards.

  3. Purchase items with cash: You can avoid accumulating credit card debt if you make a habit of purchasing items only with cash. Use credit cards when you cannot do without it. You may need to make a budget plan and allot fixed amounts to each category so that you don’t require swiping your cards unless it’s an emergency, such as, paying medical bills.

  4. Don’t use too many cards: If possible, cancel some of your credit cards. It will help you to remember the due dates of your payments if you have less number of credit cards. However, do not cancel the card with the longest repayment history.

Most importantly, create an emergency fund so that you don’t have to swipe your credit cards on emergency situations. It will help you to prevent accumulating credit card debt. It is advisable that you build up an emergency fund worth 3-6 months of your living expenses. However, make sure you don’t use the amount to purchase items. Instead, use the money to repair a damaged car or pay a medical bill when required.

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