How can I use my credit card without going into debt?

For you to manage your personal finance seamlessly incorporating the use of a credit card to you financial lifethe ideal is that you know how this tool works, as well as some tips so that it becomes your ally and not a burden as you get used to it payment method.

Even before hiring a banking plastic The best thing is that you know what this type of financial product is about, in addition to some key points that you should watch out for to enjoy your bank plastic instead of suffering from using it without having familiarized yourself, so we tell you six aspects that you should not go through high below.

So that your credit card is your ally and not your enemy, familiarize yourself with these aspects so that you can get the most out of your plastic. (Freepik)

Your line of credit. If you want to use credit in your favor to build wealth and not become a problem, you must calculate your payment capacity so that you do not suffer from over-indebtedness by exceeding the amount you income level allows you to cover

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If you have a line of credit much larger than what you can pay, this will be good so that you can dip into this capital in case you have an emergency, but in your daily life it is best to limit yourself to what you can pay without problem and put a personal limit on your charges.

Pay on time. This is the key to the whole matter, as enjoying being able to finance purchases beyond your possibilities at a given time has its cost in the concept of interest, it is best that you pay on the required date so that these do not accumulate and don’t end up paying much more than the original bill.

Beware of minimum payments. When the credit card cutoff date and the Account Stadium gives you a scare with the total figure, the proposal of a minimum payment that the bank offers you will be tempting, but you should leave it as your last alternative so that you avoid trouble because it is a payment that serves so that your line of credit is not cut, but it does generate interest and what you owe the bank will begin to rise.

Installment purchases. When you have a purchase to make for a considerable sum, then the method of purchasing for months without interest with your bank card is a great option to freeze the cost of the product and divide it into installments that you can easily pay off.

Try to leave this tool for those purchases that give you a benefit that lasts over time, as a device that helps you at work instead of leisure items, because they will be giving you a benefit while you continue paying them, which compensates the expense. What you have to take care of is not to abuse this modality so as not to saturate your credit cards.

additional plastics. If you take charge of your personal finances by being clear about the purchases you can afford by guiding yourself with a monthly budget, if you are going to ask for additional cards for other family members, it will be important that you maintain close communication about the use of it so that there are no misunderstandings.

The credit bureau. Finally, we will consider the appearance of your record credit with the Credit Bureau which is the one that keeps track of all the financing you request, as well as your behavior to take charge of said financial commitments by reporting all these data to the financial company. Credit Information Society (SIC) which is this entity.

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Since everything is recorded in this database that banks consult to make a decision when you ask them for a loan or other financing, then what is best for you is that these records speak as well as possible about you and you must cover your monthly payments on the date indicated without delays so that this is not reflected and you enjoy a good qualification so that your applications are not denied.

For more information on this and other topics, visit our Credits from My Pocket section.

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Graduated from the Faculty of International Studies and Public Policies of the Autonomous University of Sinaloa. Observer of the sky and nature; fan of music and literature.

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