By: FPJ Web Desk | June 09, 2023
At a time when every purchase from a smartphone to a holiday package is few clicks away, you need to have a budget so that you don't get carried away and end up spending way beyond your means with easy access to credit.
You'll eventually have to pay off your credit card debt, so instead of paying the minimum, just pay the full amount every month, or else you'll just end up piling up too much debt with interest and penalties added to the mix later on.
It's important to keep an eye on the debt-to-credit ratio, which is the difference between available balance and the limit on your credit card, so that you don't swipe your way into a debt trap.
Maintaining a grip on your spending with one credit card is already a task, needlessly to say walking around with too many cards could leave your pockets light while weighing you down with debt.
Banks will keep calling and offering credit cards with attractive discounts and easy processing, but read their terms carefully before picking one, and once you spend well and make timely payments, it's time to ask for low interest.