Credit cards can be amazing financial tools when used correctly. But half the battle is choosing the proper card from the start. Some credit cards
Credit Cards: Managing Debt & Using Them the Right Way
While credit cards can be a wonderful tool with loads of perks when used properly, they can also become a nightmare when abused or mismanaged. Using credit cards responsibly can raise your credit score, get you free stuff from reward programs, and even pay for family vacations.
They key to using credit cards properly starts with making a budget and sticking with it. Your credit balance is not free money, and it shouldn't be viewed any differently than paying for things out of your bank account. If you only spend what you can afford and pay them off every month, you can avoid the dangers.
Credit Card Debt
Anyone that has racked up a large pile of credit card debt can tell you how difficult it can be to get out from underneath. The interest rates on credit cards are extremely high compared to every other form of debt, like mortgages, auto loans and personal loans.
With rates that generally range from 15-30%, carrying balances from month-to-month becomes incredibly expensive. Especially when the cards are still being used.
The number one way to avoid falling into a spiral of minimum payments is to pay the balances off every month. If you already find yourself in a pile of credit card debt, you need a strategy to get out.
The good news is we have one for you. It's called 6 Steps to Financial Freedom.
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