Getting out of credit card debt is a very difficult thing to do. Many people will do whatever possible to stay out of it once they manage to get out.
But how can a person ensure they never fall back into credit card debt once they have escaped?
Change how you view your card
The Points Guy discusses pointers when it comes to keeping out of credit card debt. Many of the tips revolve around a person’s view of their money and how they use credit cards.
Many people treat credit cards as a way to borrow money until they can pay it off in the future. Instead, consider treating a credit card like a debit card. A person should only spend the amount that they could pay off on that same day whenever possible.
Pay your bills on time
It is also important to get into good bill-paying habits. A person should always strive to pay off their bills on time and in full every time. By leaving any balance remaining, a person opens themselves up to the possibility of interest. This is one of the biggest lending factors to debt, as interest rates – particularly high ones – can greatly skyrocket a person’s debt over time.
Get a secured credit card
When people have a particularly hard time controlling their spending, it is also possible to get a secured credit card. This forces a person to pay collateral in exchange for use of the card. Thus, if they cannot make their payment, they will lose the collateral. It serves as extra motivation.
There are many ways to use credit cards safely and smartly, which can help a person build their credit without falling back into debt.
