What to Do with Your High Interest Credit Card
If you have just received a high interest credit card and you’re wondering how you can manage it in the best way you can then, we suggest you employ the following tips, which will surely help you succeed in this matter:
4 Tips for Credit Cardholders
Use it only when absolutely necessary. This way, you can avoid accumulating a huge interest charge. Better yet, you may decide to use your guaranteed approval store credit cards for covering your usual monthly expenses, such as groceries, utilities bills, and other related purchases. By doing so, you can be sure that you’ll have enough funds to settle your credit card charges, at the end of the month.
Pay close attention to your spending habits. Always remember that spending beyond your credit limit will not just cost you a great deal of cash – usually in the form of overdraft charges and penalties. It can also inflict further damage to your already poor credit history. Hence, you should see to it that you’ll stick to the spending limit or cap imposed on your account, all the time.
Keep up with your payment schedule. In so doing, you can avoid incurring late payment penalties and surcharges. And do settle your credit card bills in full. By doing so, you can prevent your interest payments from ballooning out and from getting way out of hand.
Be firm in turning down offers for additional credit cards for bad credit Always remember that managing more than two credit cards, at the same time, will only increase your risk of incurring a credit obligation, you may soon find hard to pay back. Moreover, handling several lines of credit, especially those which carry steep interest rates and fees, will only make it harder for you to keep up with your monthly dues. In fact, such decision may even ruin your budget and get you into serious financial trouble. So, be contented with your existing card account. And resolve to apply for another line of credit, once you have completely settled your outstanding debt.