Identify & escape form credit card debt

05/21/2019

Credit cards are kind of pre-approved loan which lets you do the transaction and pay for it later. Since they come with some additional benefits it is easy to build a credit card debt for yourself. So here are some instances which can create best credit card debt and how can you avoid them:


1. Irrational Spending: Since credit card allows credit transactions it is easy to overspend.

To escape from this, make a budget and stick with it.

2. Not clearing credit card bill: Credit card allows to make payment of just the Minimum Balance Due, if you do this then the remaining balance will carry to next month and levy interest along with further transactions made on the card, making you pay more for every purchase.

To escape, make sure to pay the bill on time and in full.

3. Big-ticket on purchase on card: Credit card allows to convert the big purchase into EMI. Each EMI conversion attracts high interest and the purchase becomes a debt.

To escape this, do not make a big purchase on credit card if you can't pay in full.

4. Multiple Cards: Multiple cards, multiple payment dates, and a hassle to manage them. Missing a payment in such a situation is very likely.

To escape this, Either consolidate multiple cards, or set-up reminders and the best is to put them on auto pay.

READ IT COMPLETELY HERE: https://steemit.com/credit/@singhalbhavna/identify-and-escape-form-credit-card-debt

Dawson Electric
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