Make Your Credit Card Work For You
Managing a credit card can really be rocket science for many people, and you're probably caught right in the middle of that category! However, if you apply some very simple tips and techniques for managing and monitoring your credit card, you'll find that it's a very workable tool.
In reality, you don't always have to work for your credit card. You can, instead, get your credit card to work for you based on how well you can keep track of things. In fact, if you pay attention to the trends of credit card owners, most people end up indebted because they simply don't pay enough attention to the details!
Use these handy tips to make your credit card work for you:
1. Monitor your due dates. When it comes to managing and monitoring a credit card, timing is definitely the key. The first logical thing to consider would be the importance of paying your bill on or before the due date, and most people are conscious of this. However, not many people consider the option of using the card to delay paying their other bills:
2. Make lump sum payments. A technique that many people use is putting huge payments on the credit card and then using it to make other payments. Once you make a lump sum payment before the statement is generated:
3. Include interest with your minimum payment. Perhaps you're like many of us in only being able to settle the minimum payment on credit card accounts each month. But instead of paying just the minimum payment stipulated on your statement, consider paying that amount plus the figure reflected as interest for that month. With this technique, you'll:
An Additional Tip to Consider
Financial institutions are pretty competitive when it comes to the products they offer to customers. Therefore, you can easily find one that offers better rates and consider switching to that institution.
Your credit card does not always have to be viewed as the enemy! It can actually be a very helpful tool when financial needs arise, especially when those needs are totally unexpected. What matters most is how you manage the card and how well you do at successfully repaying the debt.
You'll undoubtedly find that there's no need to be an accounting guru to get your credit card on your side. You simply need to understand the basics of debits and credits, interest, and due dates. Everything else will fall right into place!
Increasing Financial Awareness and Building Financial Stability