Use credit cards and live within your means
Some Americans are afraid to use credit cards because they think it will lead to overspending. Here's how to stay on budget while using plastic.
This post comes from Gerri Detweiler at partner site Credit.com.
- Record your purchases the same day you make them.
- Don’t fall into the trap of using credit cards just to earn rewards unless you can pay the balance off in full each month.
- Ask your card issuer to change your due date to the end of the month.
- Use one card so you can keep better track of your total spending.
- If you find yourself using more than 30% of the available credit on a particular card, stop using that card until your balance is paid down.
"As long as you pay your bill in full, you will force yourself to to pay for purchases the same month you make them.“
The most reliable way to pay your bill in full every month (or at every purchase) is to use CASH. But then the CC companies would not be able to charge the vendor (and ultimately the customer) their 3% fee on every dollar spent. And if your carry a balance (even just "30% of available credit") tack on another 15%~30% interest. Is there an 'app' for living in denial?
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