Irrespective of the kind of debt you are under, you are always going to end up in lots of trouble if the debt piles up to exorbitantly high levels.
A lot of individuals are already in credit card debt across the world. However, you can always walk away from credit card debt by being careful and taking a few things under consideration.
Buy What You Can Easily Afford
Most of us make the mistake of buying things on our credit cards that we cannot actually afford. We don’t realize that this is the biggest blunder we can make and putting an end to this practice can effectively help you in walking away from credit card debt. Make sure you buy things on your credit card that you can easily afford. Don’t make the mistake of purchasing things that cost you twice or thrice as more as you can earn.
Having An Emergency Fund Is Always Helpful
The reason a lot of us get piled under heavy debt is because we don’t have an emergency fund. Over time, you should save and make sure you have an emergency fund to go to whenever you need it in the future. Many people don’t save their money in an “emergency fund” because they think they might not need it ever. Emergency funds however are always a huge help and life savers especially if an uncalled for issue arises such as an illness. Instead of paying for your credit card and accumulating debt in case of emergencies, you will be able to avoid debt by resorting to your emergency fund (only if you have it).
Don’t Let Others Use Your Credit Card
Never EVER make the mistake of letting others (a close friend or family member) use your credit card. Once you give your credit card, you lose control on the purchases being made on your credit card, which will undeniably lead to debt.
Keep A Record Of The Things You Buy On Your Credit Card
It is always a good habit to keep a record of the things you buy on your credit card. This will help you in finding out where you have spent your money in the past and allow you to be more careful about your next purchases. Keeping a record of your expenditures is a big guide and helps in managing your wealth. It is also a practice that can help you avoid getting piled under heavy debt.
|Tags: card, Credit, debt, donâ, Emergency, Fund, lot, mistake, practice, Record|
|Posted in Personal Finance|