Conclusion on plastic money
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In the credit card debate, there’s something to be said for both sides. Credit cards can either help you or hurt you, depending on how you use them. Treating your credit card as free money, never thinking about whether you can really afford what you’re buying, is a one-way ticket to financial ruin. But using it wisely, spending within your budget and paying off the balance every month, helps protect your assets and can even put some extra cash in your pocket.
If you want to enjoy the benefits of credit cards while avoiding their pitfalls, it helps to keep a few simple tips in mind. First, always pay off your balance in full to avoid interest payments. Second, avoid fees whenever possible. Keep a close eye on your account to avoid being late with your payments or going over your credit limit, and steer clear of cash advances and balance transfers.
Finally, be mindful when you shop with your credit card. Pay attention to prices, and add up the total in your head before you head for the register, rather than carelessly swiping your card with barely a glance at the cost. Checking the balance on your credit card regularly throughout the month – say, once a week – is another good way to remind yourself of how much you’ve spend and keep yourself focused on your budget.
In the credit card debate, there’s something to be said for both sides. Credit cards can either help you or hurt you, depending on how you use them. Treating your credit card as free money, never thinking about whether you can really afford what you’re buying, is a one-way ticket to financial ruin. But using it wisely, spending within your budget and paying off the balance every month, helps protect your assets and can even put some extra cash in your pocket.
If you want to enjoy the benefits of credit cards while avoiding their pitfalls, it helps to keep a few simple tips in mind. First, always pay off your balance in full to avoid interest payments. Second, avoid fees whenever possible. Keep a close eye on your account to avoid being late with your payments or going over your credit limit, and steer clear of cash advances and balance transfers.
Finally, be mindful when you shop with your credit card. Pay attention to prices, and add up the total in your head before you head for the register, rather than carelessly swiping your card with barely a glance at the cost. Checking the balance on your credit card regularly throughout the month – say, once a week – is another good way to remind yourself of how much you’ve spend and keep yourself focused on your budget.
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