According to the Census Bureau, more than 183 million Americans have credit cards. This makes credit cards so prevalent that 70.2 percent of all American households rely on them. With that being said, any individual in Kentucky looking to get a credit card needs to know two things: what their credit score is and how they can make it better. Unfortunately, there is a lot of misinformation that circulates around when it comes to that second question.

One of the biggest myths that people seem to believe is that carrying a balance is a good thing. If anything, having a balance can be harmful. For starters, people who carry a balance have to pay unnecessary interest, which can be costly. Furthermore, a large balance can harm an individual’s credit score as it can be detrimental to their utilization rate.

The good news is that there are several ways people can better their credit scores. Examples include looking after their utilization rates, not applying to too many credit lines and making sure that they don’t come too close to their spending limits. However, the best way to improve one’s credit score is to pay all requisite bills fully and on time, hence creating a stellar payment history. Regrettably, millions of Americans miss credit card payments, and their reasons can range from not having the money to forgetting that they had a bill to pay in the first place.

When people don’t pay their bills on time, be it due to sheer forgetfulness or their attempts to carry a balance in the hopes of improving their credit scores, it is easy to get buried underneath the weight of the debt and its interest. Consequently, people who feel crippled by their debts may want to reach out to an attorney who can help them file for bankruptcy.