Maintaining An Optimal Balance

| Total Words: 623

Once solely restricted to the wealthy, now almost any one can obtain a credit card including the most favored, first year college students. It’s no wonder then that U.S. consumer credit card debt stood at over $735 billion in 2003 which further breaks down to approximately $12,000 per household for those who elected to carry balances from month to month. While the advertisements of the Visas and MasterCards of the world continue to tout the convenience and ease at which you can shop or handle an emergency with just a swipe of the plastic, they fail to mention how you as a consumer should use your card including guidelines as to how much credit limit is too much and how to keep from ruining your credit rating by constantly maxing out your credit card. The purpose of this article is to provide you with some insight in these two areas.

When you apply for a credit card, one of the first things you consider is the credit limit. Why? Because that determines how much you can spend, and the rule of thumb is the higher the limit the better. But wait a minute, just because your limit is $3,000 doesn’t mean that you should keep spending until it’s gone. Why? There...

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