There is no doubt that credit cards are popular. The reason they are popular is because they are so convenient to use. In actual fact not having a credit card can be an inconvenience.
Due to the fact that they are so convenient one should use them with caution.
Tip Number 1
Do not if at all possible fall behind on your payments. This can really get out of hand very quickly. Before you know it your balances will be getting bigger and bigger, hence more difficult to pay off.
Then the interest rate on your card will no doubt increase making it even more difficult to pay off. That is where you will begin to have serious financial problems.
Tip Number 2
If you find that you interest rate is increasing or that it is high, then immediately transfer your balance to a zero percent card.
You have to be careful here again. Do not let this give you a false sense of security. Your goal should always be to pay it off and not just move the debt around so as to buy time to make payments.
Tip Number 3
Basically you want to avoid high interest cards altogether. If you have a high interest rate like 19% coupled with a high outstanding balance then you will be doing nothing but paying interest, especially if you are just making the minimum payments.
So be smart about it and don't fall victim to their enticing sales pitches.
In conclusion, credit as mentioned can be very convenient and very useful, however it can be dreadful if not managed correctly. I humbly suggest that if you cannot manage it that you avoid credit altogether.
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