How to use Your credit card wisely and stay out of credit card debt

<h1>How to use Your credit card wisely and stay out of credit card debt</h1>Author: <a title="J. Cabral" href="http://www.articlesbase.com/authors/j.-cabral/275961.htm">J. Cabral</a> Using your credit card wisely will help you steer clear of debt, and keep your spending behaviour healthy and financially sustainable. Here are a few tips to help you with wise credit card usage: <ol> <li><a href="http://www.creditcardfinder.com.au/credit-card-management-guide" title="Clear a Debt">Clear your debt</a> - Failure to pay your bill in full every month is a recipe for mounting debt. Wise credit card usage dictates that you return your balance to zero every month without fail. Only paying the minimum amount required can actually lead to a debt that grows of its own accord, because the interest payments on the unpaid portion will continue to accrue and may end up being more than the minimum amount you are paying off. Credit card purchases should be viewed as a short-term loan that must be paid back at the end of every month. If you do this, you will continue to benefit from the interest-free days on offer, and you will always avoid interest charges.</li> <li>Stay within your means - To ensure you are able to carry out the above task, you must make certain you are constantly monitoring your spending. Wise credit card usage means you are always operating within the realms of what your income can handle, when all your other expenditure is also taken into account. Credit card purchases should not be seen as separate from your month's expenditure, rather they should be classed alongside your rent or mortgage or utility bills. Otherwise you will not feel the need to pay them at month-end. Try telling your electricity provider you'll settle their bill when you're good and ready.</li> <li>Avoid cash transactions - This does not just refer to withdrawing money from an ATM. Certain other transactions you make with a credit card will also count, such as cashback at the till and online gambling. Making this sort of transaction is never wise credit card usage because there may be a fee involved, and they will certainly not be eligible for the interest-free feature available on purchases, meaning you will start paying interest immediately.</li> <li> Remember your rewards - If your card has a <a href="http://www.creditcardfinder.com.au/australian-reward-credit-cards" title="Reward Schemes">rewards scheme</a> as standard that does not charge a fee, then you should take advantage of it. That does not mean spending unnecessarily to accumulate points. Rather, it is simply a part of <a href="http://www.creditcardfinder.com.au/" title="Credit CArd Usage">wise credit card usage</a> to make sure you exchange your points and not let them go to waste, which they might if they are subject to an expiry date.</li> </ol>About the Author: Regular contributor at Credit Card Finder Australia's most trafficked <a href="http://www.creditcardfinder.com.au">credit cards</a> comparison website. Read his guide to <a href="http://www.creditcardfinder.com.au/balance-transfer-credit-cards">Balance Transfer</a> credit cards and find out how much money you can save.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/credit-articles/how-to-use-your-credit-card-wisely-and-stay-out-of-credit-card-debt-1458584.html" title="How to use Your credit card wisely and stay out of credit card debt">How to use Your credit card wisely and stay out of credit card debt</a>

Using your credit card wisely will help you steer clear of debt, and keep your spending behaviour healthy and financially sustainable.

Here are a few tips to help you with wise credit card usage:

Clear your debt - Failure to pay your bill in full every month is a recipe for mounting debt. Wise credit card usage dictates that you return your balance to zero every month without fail. Only paying the minimum amount required can actually lead to a debt that grows of its own accord, because the interest payments on the unpaid portion will continue to accrue and may end up being more than the minimum amount you are paying off. Credit card purchases should be viewed as a short-term loan that must be paid back at the end of every month. If you do this, you will continue to benefit from the interest-free days on offer, and you will always avoid interest charges.
Stay within your means - To ensure you are able to carry out the above task, you must make certain you are constantly monitoring your spending. Wise credit card usage means you are always operating within the realms of what your income can handle, when all your other expenditure is also taken into account. Credit card purchases should not be seen as separate from your month's expenditure, rather they should be classed alongside your rent or mortgage or utility bills. Otherwise you will not feel the need to pay them at month-end. Try telling your electricity provider you'll settle their bill when you're good and ready.
Avoid cash transactions - This does not just refer to withdrawing money from an ATM. Certain other transactions you make with a credit card will also count, such as cashback at the till and online gambling. Making this sort of transaction is never wise credit card usage because there may be a fee involved, and they will certainly not be eligible for the interest-free feature available on purchases, meaning you will start paying interest immediately.
Remember your rewards - If your card has a rewards scheme as standard that does not charge a fee, then you should take advantage of it. That does not mean spending unnecessarily to accumulate points. Rather, it is simply a part of wise credit card usage to make sure you exchange your points and not let them go to waste, which they might if they are subject to an expiry date.

Regular contributor at Credit Card Finder Australia's most trafficked credit cards comparison website. Read his guide to Balance Transfer credit cards and find out how much money you can save.

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Article Tags: credit card, credit cards, credit card usage, credit card management, managing credit cards, balance transfer credit card, balance transfer, credit balance transfer, balance transfer credit cards

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