Monday, January 24th, 2011
Credit cards are both a convenient way to pay for purchases and a trap for those who are easily tempted by access to credit. Being smart with your use of credit cards can help you manage your money better and avoid getting into too much debt. These simple tips are all you need to be credit card smart:
Consider having two cards – one with a low limit for everyday purchases which you pay off in full each month and another for emergency or large purchases. It pays to shop around for the right type of card for you with a fee structure that suits your needs. For example, some low interest rate cards have higher monthly fees and are more suitable for those with high credit balances. If you need a card only to make online or telephone purchases, consider using a debit card. Your bank account will be debited straight away and you will therefore pay no interest.
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