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Responsible Credit Card Debt Management

Think of your credit card purchases as you would a loan. Before taking out the plastic card and charge your purchases, ask yourself "would I ask for a loan for this?"

More rule of thumb:

  1. Keep only one major credit card.
  2. Shop around for a card that has no annual fee, a low interest rate and those that have a 20-30 day grace period.
  3. Avoid cards with one-time processing fees and those with low introductory rates that will shoot up after a few months.
  4. Don’t charge anything you cannot pay for right away except for real emergencies. If you cannot pay off an entire balance every month, always be sure to pay more than the minimum requirement.
  5. If you pay by mail be sure to send your payment several days before the due date.
  6. Do not use a cash advance from a credit card unless you have a serious emergency.

Updated On: 13.01.01