Managing Credit Cards to Stay Out of Trouble

Millions of Americans all over the country are in trouble. They have to deal with daily calls from bill collectors hounding them to get money. They have to deal with trouble getting approved for car loans as well as mortgages. Constantly dealing with the stress of when the next bill is due and sending out the majority of their pay-checks just to keep their heads above water, forcing them into more debt in the case of an emergency.

The best way to handle credit card management is to make sure you don’t even get into trouble in the first place. Having only as many credit cards as you absolutely need is the first step. Having only two or three cards means only having to pay two or three bills every month instead of five or more. Having fewer payments each month allows you to pay more of your balance off every month. Ideally you should aim to clear all of your credit card debt each month and if you have more debt than 25% of your monthly income you should stop using them until you have them all paid off.

If you happened to get in over your head with credit cards, there are a few options to help you dig your way out of the hole. In your goal to erase credit card debt, the first step is cut up your cards and stop using them all together. Consider searching for a financial adviser to help you plan a budget and then stick to it. Check on debt relief grants and other programs if you must. Finally consider consolidating all of your credit card debt into on loan. Having one payment each month will help you get away from harassing phone calls and the constant stress of having several bills due at once.

As long as you have good credit card management skills, you should be able to use debt for you. Correctly managing your credit cards will allow you to have a high credit score which means you’ll pay less in the long term for a house or car.

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