How to manage your credit cards and not be managed by them

Without plastic money, it’s difficult to get through the day. Today, most payments call for the use of credit cards. In turn, you have to pay back the money monthly with interest. If not managed well, credit card usage can make you over-spend money which you don’t have and result in debts which will piggyback on you for a long time. With a credit card, you can spend plenty of money in a few seconds, but paying them back can take time and can be quite frustrating. If you have come into Canada from an country where the credit cards are not prevalent as here, it is very easy to get into an situation where the debts mount and minimum payments deplete you bank account.So how can you manage the credit cards you carry and make sure the payments never become a burden?


Picking a Credit Card

When it comes to managing a credit card, you have got to first think about picking one. Ideally, pick a credit card that has low interest rate. Also, take a look at the fees of the credit card and try to get one with no annual fees. Often, many lenders offer credit cards with low interest and annual frees, but later on hike it up, so be aware.


When you have a credit card, limiting your spending becomes a challenge. Spend only when you have to and buy only things that you need. Often, you indulge in buying small inexpensive things; what you don’t realise is that you purchase them so frequently that you don’t realise the debt that is rising up.Spend only what you can afford to pay back at the end of the month.

Put Limit

Let’s be honest, for some of us, curtailing our spending habits can quite be difficult, especially if a chunk of money is easily available on a small plastic card. You can curtail your spending by picking a credit card which has a limited amount of credit. This is best way to make sure that you don’t spend more than you can handle.

Number of Credit Cards

So how many credit cards do you need to carry? Just carry one. You don’t need to carry more than one credit card with you. This one will be for all your daily spending. You can have second credit card which you can carry for emergencies. If you are unsure that you won’t use it on a spending spree, never carry the emergency credit card with you. Keep it at home.  Keep in mind that the credit score is dependent on how you use the credit cards so use the credit one once in an year.

Keep Track of Your Spending

At least on a weekly basis, using your online banking facilities, keep track of your spending. This is the best way to make sure that you don’t over spend.

Set up seperate Savings account

Set up an Savings account and at the end of the day, always transfer whatever money you used that day on the credit card into that account. That way you will always spend money you have and also train your brain to pay off the money you owe.

Making the Payments

Every month you will have to pay the money back with interest. Make sure that you make the payments on time. This will look good on your credit report.

Just Stop

At times, your debt may just be over your head and too much to handle financially. In such situations, take an expert advice and listen to them.  Do not deplete your bank account if you feel you are just making minimum payments.

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