Understanding Credit Cards
Although credit cards are convenient, if not properly used they can have a detrimental effect on a person’s financial stability. Here are a few things to keep in mind:
Limit the number of credit cards you have – Credit cards give us a false perception of what we can afford. The more credit cards you have, the easier it is to find yourself in debt. It is best to only have one credit card but definitely no more than two.
Always pay off your entire credit card bill if you can – Do not charge something to your credit card if you know you won’t be able to pay for it when the bill comes in. However, if you cannot pay your entire credit card bill, pay as much as you can. Interest adds up quickly.
