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4 Ways To Use Your Credit Card Better

Getting into more debt is a dumb strategy. But breaking out the credit card doesn’t have to leave you in the red. Credit—when used strategically, can be smart. Here are some of the best ways to use the plastic in your wallet:

  1. Pay Bills on Time

    Making sure the credit card bill is paid on time is the single most important wise thing to do with your card. Missing the deadline means hefty interest on the outstanding amount. If you’re earning a steady income, it’s best to set up a direct debit to ensure all bills are paid when they should. This will prevent incurring any late payments, especially if you’re in the habit of forgetting to pay on time.

  2. Pay More than the Minimum

    While every effort should be made to clear credit card debts at the end of each billing cycle, there are times when it’s just not possible. In such cases, pay the most you can afford; at least a good few dollars over the minimum.

  3. Limit the Amount of Cards

    The number of cards each person has is really dependent upon the ability of the user to manage them. There is no magic number, although too many can damage your credit score, and add to your debts. For the responsible individual, keeping a few cards appears to be the norm, but try not to max out the cards as this can lead to a lower credit rating.

  4. Emergency Credit Cards Use

    It is a good idea to keep one credit card aside in case of emergencies. This way, if unexpected expenses arise which are totally out of your control, they can be dealt with quickly. However, fancy dresses or designer furniture on sale do not constitute emergencies!

If you’re looking for a credit counsellor in Toronto, get a free assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.

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