How to get credit card use under control
Back in the day, having a credit card was a big deal – you just didn’t find them in the wallets of regular folks.
But now that basically anyone can get that shiny bit of plastic, many folks find themselves in hot water when they realize they’ve racked up a big balance they can’t pay off immediately.
Essentially, a lack of discipline causes some well-meaning people to treat their cards like money they already have, not like a burdensome debt.
If that sounds like you, it’s not even really your fault, per se.
Credit cards are so easy to use, and buying with one doesn’t carry the same psychological weight as handing over money you’ve already worked for.
That’s why restraint and discipline might be skills you need to develop intentionally, and I’ve got a few quick tips that will help you.
You don’t need a wallet full of plastic! It’s exciting to get approved for a new credit card, but having several makes it very challenging to track what you’ve spent and when payments are due. All of that available money makes it more difficult to say, “this isn’t a wise purchase right now”. After all, the funds are right there! That’s why you should limit yourself to 1-2 cards maximum.
Develop a budget and stick to it. A clear idea of what you can afford is critical. Analyze your expenses and income, then determine how to use your card responsibly. Monitor how you’re doing by tracking your usage and make adjustments as needed.
Pay off your balance as you make purchases. This is a little hardcore, but it’s a great way to get into the habit of treating your plastic like a bank account. If the money isn’t your account to pay for that shiny new thing, then you wait to buy it until it is.
With thoughtful planning and a disciplined approach, you can make the most out of your credit card use and manage it responsibly!
Credit cards are just one piece of the money puzzle. My specialty is taking all those (confusing) pieces and turning them into a masterpiece you can carry with you for your entire life.
It all starts with a quick consultation to see where you are now, where you want to be, and if we’re a good fit to work together. To get a spot at a time that works for you, call (330 836 7800 Ext.1) or click here to use my online calendar. https://go.oncehub.com/LeeHyder
