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4 ways to stay out of credit card debt

On Behalf of | Oct 11, 2021 | Credit Card Debt | 0 comments

Credit card debt serves as one of the most common types of personal debt in America. You can fall into credit card debt for a huge number of reasons, and in the majority of cases, it is possible to dig yourself back out again.

Of course, the last thing you want after finding debt relief is to somehow end up right back in credit card debt again. To avoid that, it is important to take steps to stay out of the red zone.

Change how you view your card

The Balance takes a look at ways to avoid falling back into credit card debt once you have dug yourself out. First, they suggest treating your credit card like a debit card. Always buy only what you could afford to pay for at any given moment. Do not treat your credit card like borrowed money, or you can easily end up overspending and finding yourself unable to pay off what you owe.

Second, always pay your bills on time. If you do not, you can quickly rack up late fees and tank your credit score. Not only does this make it harder for you to get loans and other forms of financial help, but it is an easy way to start building an insurmountable hill of debt.

Always pay in full

Third, pay the full amount that you owe. Again, you want to do everything you can to avoid racking up those additional fees. Any time you do not pay off your entire credit card bill, you collect interest on the amount left. This means you end up paying more than what you initially owed.

Fourth and finally, be smart about your cards. Do not give them to other people to use, do not open as many as possible to circumvent spending limits, and try not to get a cash advance, or you could end up losing more money than you bargained for.