How to be a Responsible Credit Card User | personal finance ...

Is there a standard formula in using a credit card so you don?t go into debt? The answer is no. It?s dependent on your attitude and
spending habits. You may have more than one card but if you know how to use them wisely, you will still be able to manage your finances and avoid debt.

Whether you have the best credit cards or you avail of other forms of credit such as loans, what matters most is you know how to keep
track of your expenses and determine which areas need some cutback. It?s the attitude that counts and being a responsible credit card user is most ideal.

In the United Kingdom, six percent of households or an equivalent of 6 million people have used their credit cards to pay their mortgage or rent in 2009 according to statistics from the Shelter Media Centre. The British Bankers Association also revealed that credit card balances in November 2009 alone was at 63.5 billion sterling pounds.

If you don?t want to be among people having difficulty managing their cards, then it?s time to make a commitment. Ensure that you take
advantage of credit card offers suited to your lifestyle and not only those that you find attractive and popular. Take the time to compare credit cards to learn about their specific features and determine which will be useful for you.

These steps you need to take regardless if you?re still applying for a new card or if you already have an existing card but want to transfer to a new provider. When you compare credit cards, you give yourself an opportunity to review what several providers offer in terms of interest rate, finance charges, late fees and cash withdrawal fees. You can simply check certain websites that cater to this and right there, you will see a comparison table for your utmost convenience.

Owning a credit card carries important responsibilities and this includes knowing when to use it and when to pay for the bills you have accumulated. Using the card for major purchases is ideal although you can always use it to pay for your emergency needs.

In terms of paying your credit card bills, experts strongly recommend paying off the balance every month before the due date if possible.
When you are able to do this, you will avoid the charging of interest on your bill as well as other fees. In this way, you clear off your balance and you free yourself from worries moving forward.

About the Author

Peter Carville is a freelance article writer who writes for Financial Facts about the current financial news and the credit crunch.

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