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Friday, February 13, 2009

How To Evade Credit Card Debt

By Ras Reed

Are you in credit card debt? No? Then that's good for you. But that does not mean you should not make a deliberate plan to obstruct yourself from entering into credit card debt in future. It's the easiest thing to become a victim of. There are ways that you can shun falling in credit card debt and they include;

- Read the fine print: Before you sign on for any credit card, you should be sure that you fathom all the terms and conditions attached to it. The things that you should pay special attention to are the Annual Percentage Rate (APR) and the time for payments. When you are attentive to what time you are expected to pay your credit card bills, you can easily start preparing towards it. Also, if the APR on the defaulted payments is way beyond your affordability level, try and look for another credit card deal that comes with a lower APR.

- Pay up on time: To shun credit card debt, the most crucial thing that you should do after you have gotten a credit card is to pay up your monthly bills on time. Bear in mind that your failure to meet up with the payments each month will push you into debt faster than anything else. When you fail to meet up payments for one month, you get charged an interest on the money due. If you fail to meet up on the next month, the interest charge increases and you will be saddled with the responsibility of trying to pay off the accumulating interest plus the amount owned.

- Don't beat the limit: Stay within the confines of your credit card limit. Moving outside what you can afford with your credit card will lead you to a state of debt in a matter of time. Remember that a credit card is actually supposed to assist you curb any impulse to spend. Try to be judicious in the use of your credit card to pay money for things.

Basically credit card debt can be avoided with the accurate suggestion and a fair share of discipline and determination. It's not impossible to own a credit card and be debt free.

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