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My husband and I got into a terrible mess with credit cards. We didn’t understand how we were supposed to use them, and before we realised how much trouble we were in, it was too late. Credit cards can be a very useful financial tool, but you need to know how you shouldn’t and shouldn’t use them.
Our biggest mistake was not thinking about how long it would take us to pay off our purchases. We only thought about the minimum payment we would need to make and failed to figure out how many months (or years) it would take to pay off the entire amount. All we were thinking was that we wanted it NOW!
Sometimes we have big-ticket emergencies and are short on cash. As long as our emergencies don’t include the latest fashions or an expensive trip we decide to take on a whim, credit cards are a good way to survive those unexpected difficulties. We have readily available money and can pay off the balance with small, affordable payments.
We need to exercise more caution when we use our credit cards for everything other than emergencies, though. The smaller purchases that we don’t really need are what can add up to staggering balances that overwhelm us. The saddest part is that most of the time, we can’t even remember what we bought that pushed our credit card balance up so high.
When you use your credit card for purchases that aren’t emergencies, make sure you already have the money in your bank account. Think of your credit card as a way to use someone else’s money for a while. If you pay your balance off every month and make your payment before the grace period ends, you won’t need to pay any interest on your balance. Your money can remain in the bank and earn interest until you need to use it to make your credit card payment.
If you have the money in the bank to pay for all your credit card purchases, you’ll avoid the panic that often sets in when the credit card bill arrives every month. All you need to do is write a cheque or electronically send a payment to pay off your credit card balance when you receive the bill.
My suggestion to you:
Avoid making credit card purchases unless you already have the money to pay for the purchase. This will prevent you from letting your balances get out of control
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