How To Bounce Back From A Credit Card Mistake | Smart change: personal finances

How to avoid this in the future: Reduce the use of your credit card for every purchase. You can use your credit card for some expenses each month, then use cash or your debit card for everything else. If your credit limit is low, call your issuer to find out if you qualify for an increase in your credit limit. Update your card issuer on your earnings if they increase, as this may help you qualify for such a rise.

Spend more than you can afford to repay

Compared to handing over all the money you have in your wallet, paying with a credit card doesn’t feel like you’re spending real money, so you can spend more. It can lead to a rude awakening when your credit card bill comes in, especially if you don’t have enough in your bank account to cover it.

How going over budget can be harmful: By design, credit cards can lock you into an expensive cycle of debt because you can charge up to your credit limit, pay only a small portion of your bill, and then top up until the end of your bill. limit next month. After a short time, your debt can reach thousands of dollars.

How to avoid this in the future: Don’t just put the plastic back in without hesitation. Check your balance several times throughout the month, and if you have a big expense coming up, plan it by putting some money aside to pay it off. If you’ve already overspent, switch to cash or a debit card while you pay off the debt. Budgeting can help you feel more in control of your money.

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