Holding one or more credit cards accounts can be a very convenient way of handling your finances in today’s society, and while there are definite advantages to having the extra credit facility, it is important to exercise a level of control in the way you use these accounts. A good rule of thumb to keep in mind when using a credit card account is to never owe more on your card than you can easily pay off within three months. Now that level of commitment can change month to month so it’s worth while to fluctuate your own maximum use of the card even if the issuer has given you a higher threshold. ‘Maxing up’ your credit card is never recommended for the simple reason that once you are unable to use the card for the reasons it was intended, then making the payments on it will hurt you that much more.
Impulse spending, simply because you have space on your credit cards can lead you into a very dangerous financial mess, and you therefore need to avoid the self indulgence, and stop buying things you didnt know you wanted until you saw them on display in a store. You really should have a good idea of how much you have used the card during each month...
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