Utilizing Your Credit Card
By Scott Sumerford on Friday, September 21st, 2007 :: 9:13 amCategory: Watching Out 4 You
Does the sight of your credit card bill make you cringe? If you’re like most consumers, you want the benefits of a credit card without accumulating an excessive amount of credit card debt. You can avoid the pitfalls of credit card debt by utilizing a few simple credit card rules.
When Looking for a Credit Card
Credit card companies spend billions of dollars every year inundating consumers with credit card offers. This allows consumers to be selective, yet many people still choose credit cards the same way they spend money - compulsively. You can save money by simply:
- Searching for a low fixed-rate interest credit card
- Finding useful reward offers and being cautious of unfavorable conditions that may apply
- Avoiding credit cards with high annual, monthly and late fees.
- Reading the fine print to circumvent punitive interest rate increases
Once You Have the Right Credit Card
After you’ve carefully selected the best credit card, it’s time to use it. However, before you rush out and buy that 60-inch plasma television, consider:
- Only making purchases you can repay at the end of the month
- Paying your credit card bill on time. The consequences of late payments are high interest rates and fees
- Living within your means. Exceeding 20 percent of your available credit limit makes it difficult to repay and can decrease your credit rating
- Monitoring your credit score via Experian, Equifax and TransUnion (the three major credit bureaus) to avert identity theft
Author Bio: Scott Sumerford has several years of experience working in the financial industry and has written a myriad of articles on various financial matters. Read more about how MyUSADebt offers a viable alternative to debt consolidation.
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