With the existence of credit cards, many people of all ages struggled with credit card debt. Credit cards come in useful in times of emergencies when there is not enough cash in hand and it is only for a temporary measure. Many have misused the credit card and didn’t realize that using credit card is actually spending borrowed money.

Many people have fallen into the trap of using the advanced cash from credit card to buy things which they cannot afford. And when they keep on postponing the full payment of the amount due, the amount accumulated together with the interest to a bigger amount.

  • Buy only what you can afford.

Practice responsible buying. Buy only what you need and what you can afford. Do not be tempted to buy something which you don’t really need just because it is on sale or your friends are buying it just because Merchant account solutions has made credit card purchases so easy and hassle free.

  • Before you buy anything, stop to honestly ask yourself whether you really need this item and whether you can do without it. You will be surprised that most of the things you wished to buy are not what you really need.
  • Instead of using a credit card, use a debit card. A debit card allows you to use what you have in your bank account and you are only using the money that you have.
  • Never use a credit card for luxury items if you do not have to cash to pay for them. The luxury items can wait till you have enough cash to buy them.
  • Try to limit your credit card uses to emergencies only. Credit card comes in useful when you don’t want to carry too much cash with you for safety reasons. Revel systems have made payment with credit card convenient for consumers who do not want to carry too much cash with them.
  • If you find that it is hard to control your spending using credit card, then cut up the credit card and get the card cancelled once the debt has been cleared.