Five Must Dos for Keeping Credit Card Debt Manageable

You just got a new credit card, and you’re excited about using it. But, before you go out and blow up your shiny new plastic, take some time to think about how to manage this debt responsibly. That bill will come due in 30 days. So, the “free” money isn’t really free.

Be Careful About Which Cards You Apply For

There are many aspects to choosing a card. If you have a card already, put it down and pick up the terms and conditions you got with it. What is the interest rate? What does the card company charge for cash advances? What other charges does the company assess? Is there an annual fee?

What is the grace period on payments? What is the penalty for late payments? You want to know all of this before you charge up the card. If the terms seem unfair, don’t shrug your shoulders and go on a spending spree. Don’t be afraid to apply for credit card terms with other companies. Not all companies offer the same terms.

Make Smart Buying Decisions

Try not to buy disposable items on the card. This is a difficult temptation to resist, but it’s important that you resist it nonetheless. For example, groceries are already expensive. You don’t need to add interest to that and make it an ongoing monthly debt.

Try to charge large, productive, expenses to the card. For example, if you’re going to carry a balance, use the card to pay for educational expenses or car expenses – something where whatever you spend the money on will help you make more money or maintain your current income so that you can pay off your bill.

Alternatively, save the credit limit for emergency expenses.

Pay Off Your Debt Every Month

If you pay off your balance every month, and this should be one of your goals, it’s OK to make “everyday” purchases. You will not accumulate interest on those purchases so it becomes a way for you to “smooth out” your income and expenses. This might help if your income is somewhat variable during the month.

Don’t Be Afraid To Negotiate

Credit card companies are open to negotiation. Call them up. Negotiate your rate. This works particularly well if you’ve been a customer of theirs for years, and have accounts in good standing. But, even if you’re new, you may be able to negotiate a better rate based on your excellent credit rating.

Opt Out Of Card Rate Increases

You might not realize it, but you can opt out of rate hikes. How? By calling your credit card company and telling them that you don’t want to accept the terms of the rate hike. Your card issuer will suspend your card privileges (you can’t use your card anymore), and you’ll have to pay off the balance in 5 years. But, at the end of it, you may be able to reinstate your card, though it will be at the higher rate. Of course, you could just leave the card dormant and inactive. The card issuer will likely cancel it when you’re finished paying it off.

Michael Cobb has always had a knack for numbers. As a personal finance counselor, he often writes about foundational principles of managing budgets and other smart money decisions.

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Five Must Dos for Keeping Credit Card Debt Manageable

You just got a new credit card, and you’re excited about using it. But, before you go out and blow up your shiny new plastic, take some time to think about how to manage this debt responsibly. That bill will come due in 30 days. So, the “free” money isn’t really free.

Be Careful About Which Cards You Apply For

There are many aspects to choosing a card. If you have a card already, put it down and pick up the terms and conditions you got with it. What is the interest rate? What does the card company charge for cash advances? What other charges does the company assess? Is there an annual fee?

What is the grace period on payments? What is the penalty for late payments? You want to know all of this before you charge up the card. If the terms seem unfair, don’t shrug your shoulders and go on a spending spree. Don’t be afraid to apply for credit card terms with other companies. Not all companies offer the same terms.

Make Smart Buying Decisions

Try not to buy disposable items on the card. This is a difficult temptation to resist, but it’s important that you resist it nonetheless. For example, groceries are already expensive. You don’t need to add interest to that and make it an ongoing monthly debt.

Try to charge large, productive, expenses to the card. For example, if you’re going to carry a balance, use the card to pay for educational expenses or car expenses – something where whatever you spend the money on will help you make more money or maintain your current income so that you can pay off your bill.

Alternatively, save the credit limit for emergency expenses.

Pay Off Your Debt Every Month

If you pay off your balance every month, and this should be one of your goals, it’s OK to make “everyday” purchases. You will not accumulate interest on those purchases so it becomes a way for you to “smooth out” your income and expenses. This might help if your income is somewhat variable during the month.

Don’t Be Afraid To Negotiate

Credit card companies are open to negotiation. Call them up. Negotiate your rate. This works particularly well if you’ve been a customer of theirs for years, and have accounts in good standing. But, even if you’re new, you may be able to negotiate a better rate based on your excellent credit rating.

Opt Out Of Card Rate Increases

You might not realize it, but you can opt out of rate hikes. How? By calling your credit card company and telling them that you don’t want to accept the terms of the rate hike. Your card issuer will suspend your card privileges (you can’t use your card anymore), and you’ll have to pay off the balance in 5 years. But, at the end of it, you may be able to reinstate your card, though it will be at the higher rate. Of course, you could just leave the card dormant and inactive. The card issuer will likely cancel it when you’re finished paying it off.

Michael Cobb has always had a knack for numbers. As a personal finance counselor, he often writes about foundational principles of managing budgets and other smart money decisions.

2,968 Responses to Five Must Dos for Keeping Credit Card Debt Manageable
  1. فیلم سوپر سکسی
    February 15, 2019 | 8:40 am

    always a huge fan of linking to bloggers that I appreciate but really don’t get a great deal of link like from

  2. accident attorney
    February 15, 2019 | 9:15 am

    Thanks again for the article post.Thanks Again. Much obliged.

  3. Used trucks in hudsonville
    February 15, 2019 | 5:09 pm

    Im obliged for the article. Cool.

  4. Elbert Melillo
    February 16, 2019 | 4:08 am

    I have been exploring for a little bit for any high-quality articles or blog posts in this kind of space . Exploring in Yahoo I ultimately stumbled upon this site. Reading this information So i’m satisfied to show that I’ve a very just right uncanny feeling I found out just what I needed. I such a lot indisputably will make certain to do not forget this web site and give it a glance a continuing.

  5. LolyCam 18+
    February 16, 2019 | 7:50 am

    usually posts some extremely exciting stuff like this. If youre new to this site

  6. Isabelle Loche
    February 16, 2019 | 9:25 am

    I see your point, and I really enjoy your opinion. It goes without saying I also love the design of your website, extremely artistic. Later.

  7. Ulysses Kuprewicz
    February 16, 2019 | 11:11 am

    There is noticeably big money to understand about this. I assume you made specific nice points in features also.

  8. Kizzy Ropes
    February 16, 2019 | 11:51 am

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  10. Jeromy Souza
    February 16, 2019 | 2:15 pm

    I don’t normally comment but I gotta tell regards for the post on this amazing one : D.

  11. Elsa Salmond
    February 16, 2019 | 3:46 pm

    my sister and i loves to read christian books because it inspires us to live life in its fullest`

  12. 메이저 토토사이트
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    Here are several of the internet sites we recommend for our visitors

  13. Rod Pa
    February 16, 2019 | 5:05 pm

    Glad to be one of the visitants on this awe inspiring website : D.

  14. Sheba Krasnici
    February 16, 2019 | 5:45 pm

    Thank you for your site post. Velupe and I happen to be saving for just a new book on this subject and your article has made us all to save money. Your opinions really responded all our issues. In fact, above what we had thought of ahead of the time we came across your great blog. I no longer nurture doubts including a troubled mind because you totally attended to each of our needs here. Thanks

  15. Children Book Publisher
    February 16, 2019 | 7:19 pm

    Thanks for the article post. Awesome.

  16. Damien Plonka
    February 16, 2019 | 8:37 pm

    Excellently written article, doubts all bloggers offered the same content because you, the internet is a greater place. Please keep it up!

  17. 네임드사다리
    February 16, 2019 | 9:45 pm

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  18. 안전공원
    February 16, 2019 | 9:59 pm

    please take a look at the web sites we follow, such as this one, because it represents our picks in the web

Leave a Reply


Wanting to leave an <em>phasis on your comment?

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