Rate this post Credit cards are one of the main consumer credit channels and one of the most popular payment methods. In June 2017, financial institutions reported to the Bank of Mary a total of 24.9 million cards issued to individuals with a balance of 343.0 billion pesos.
Credit cards provide benefits as they give way to your credit life, you can take advantage of the purchase of concert tickets, take advantage of the months without interest (MSI), buy what you need and be able to pay up to 50 days later without interest.
However, if the credit card is misused, the problems begin due to non-payment of debts and there is a risk of becoming indebted.
For a 2019 without debt
Do not use the card as an extension of your salary, and although the recommendation seems obvious, often for unnoticed and the credit line is used to meet common expenses such as; buy pantry, clothes, pay the social outings bill.
Do not fill yourself with credit cards
It is very easy to lose control if you have more than two plastics. It is easier to memorize two payment dates and cut dates.
Use the correct card
It is not cool to have all the card modalities, but the correct one, that is, the one that goes with your ability to pay and lifestyle. That is, if you do not travel continuously, what would be the use of having a gift card give you points redeemable for airline tickets.
Do not keep the minimum payment
If you only pay the amount requested by the financial institution your debt will be endless, the ideal is to pay the total of your purchases, but if it gets complicated, at least pay more than the minimum. But, never the minimum or less.
Review your account statements
It is important to monitor this document, so you will notice if there is an unrecognized charge, and you can act quickly.
The card is only yours
Do not lend your credit card. It is for personal use and as much friend as you are or your family member, avoid lending it because your financial reputation is at stake if you stop paying the debt.
Keep track of purchases you make to MSI
Because they are small payments, they are not received and continue to be acquired until they reach the point of being unable to pay the payments. Do not forget that MSIs add to the minimum payment requested by the bank.
Make this 2019 a watershed in your financial life and get along with your credit cards.