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Control credit card use
Think of debt as a disease for which credit cards are the most common cause of contacting it. Have you ever heard of anyone who made their fortune by borrowing money for personal expenses?
Reconsider the purchases you’ve been making with your credit card by thinking of them in terms of cash purchases. Anything you can repay in 25 days should be avoided.
The only purposes when it’s acceptable to use credit cards are for safety and convenience.
Online purchases in particular should not be made with debit cards as it gives thieves and errors the opportunity to empty your checking account directly.
Having no balance on your card can be advantageous as you can get a card that doesn’t charge an annual fee and offers a grace period before the interest rate is activated.
If you are in the habit of carrying a balance, you should get yourself a card with low interest rate. The annual fee is of little consequence.
At most carry no more than two or three credit cards at any time. Not only are they unnecessary but losing or being robbed of them would mean paying $50 per card. Credit card info.com reports:
Debt is a disease and credit cards are one of the easiest ways to get sick. Nobody ever got wealthy borrowing money for gifts, clothes, restaurants, entertainment, or travel.
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