Don't let your credit card get you into debt

Ask a question What's your question? What's your question relating to?

With the rising cost of food and fuel prices, the last thing you need is more debt.

A credit card can be the cause of many a financial headache if not used correctly. It is not a way to fund a lifestyle you can't afford.

However, to help you manage your money responsibly, we've put together some helpful tips on how to avoid credit card debt.

Spend only what you can afford. A credit card does not mean free money. You have to pay back what you spend and you will be charged interest on any outstanding balance at the end of the month.
The best way to use your credit card is as a budgeting tool. Don't use it for a loan or as an overdraft.
Set your own budget and stick to it. Don't use the card's spending limit as your benchmark. Work out how much you can afford to spend and pay on a monthly basis. Don't forget to include interest in your budget.
Build your card payments into your monthly budget. If you do not pay at least your minimum payment, it could reflect poorly on your credit rating.
Keep track of when your 0% interest periods are due to end. After the first 0% interest period ends, you will be charged interest each month on any outstanding balance. Interest rates will be detailed on your statement, so it's wise to check to help with your budgeting.

Register