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7 Ways to Manage Your Credit Cards Effectively

By Sandra Parker Subscribe to RSS | December 26th 2011 | Views:
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Credit card has brought about some drastic changes in today's market. As credit card make the lending process much easier and the lenders don't need to repay the loan amount immediately, more and more consumers prefer plastic money over cash. However, the excessive use of credit card indulges in impulse purchases and consumers fall into the traps of credit card debts. If you are looking forward to live without the fear of credit card debt, you must learn how to use credit card responsibly. Read on the following ways which can help you make the most use of your credit card, without getting into credit card debt.

1. Your first and foremost duty is to select your credit card wisely. It's difficult to resist the temptation of accepting multiple cards, especially when credit card companies keep bombarding your mailbox with alluring credit card offers. Make sure you conduct an extensive research before accepting your credit cards. You must take into account factors like the interest rates, credit card fees and incentive features before getting the credit card.

2. Now your next step is to limit the amount of cards that you are using. A number of people are there who use only one card. You can keep some backup cards for emergencies as well. But remember, having more than two cards could be hazardous to your credit.

3. Make sure you are the only one to you access your credit account. If a number of people using your credit, make it a selected few. Check whether the person is trustworthy and knows whether he or she can use that card responsibly. Try not to include anyone but your spouse to add to your account, because anybody else can be damaging.

4. Most significantly, know your credit limit well and make sure you never go over it. Be certain that you do not max out your cards, because you have to pay multiple fees if you do so.

5. Make it a habit that you pay off the balance right away. The best way to pay back your credit cards is pay back your balance as soon as you can, so that you will have nothing to worry about later. In case you cannot afford to pay off your balance right away, pay off as much as you can, because it's always preferable to pay off the minimum balance than nothing at all.

6. Keep a track of your credit card bills each month. In case you fail to recognize a payment, take immediate action. You will have to take care of it all by yourself as many credit card companies have different ways of processing these claims, and you should stay aware of them.

7. Assess your credit card usage neutrally after completion of a year. Make sure you remain updated of the way you are using the cards and all activity that is being done to your account. Immediately close down the accounts of any cards that you are not using anymore. Cut up as many cards as possible and use cash and debit card instead.

Last but not the least, stay extra cautious while using your cards online. If you are disgusted by credit card debt the aforementioned points can help you bring your financial life back in track.

Sandra Parker - About Author:
Sandra Parker is associated with savedude.com as a financial writer. She writes on personal finance and offers advice on such issues like money saving, credit card.

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