To Have A Credit Card or Not? Thats the question!

To Have A Credit Card or Not? Thats the question!

Although credit cards have lots of benefits like reward points and convenience being some of them. There are loads of drawbacks too.

Never assume a credit card is free. If you think you are going to be tempted to purchase more than you can afford and will carry a balance, DO NOT GET A CARD. Interest rates are ridiculously high and it is one of the easiest way to bury yourself under a mountain of debt.  

ALWAYS completely pay off your credit card outstanding on its due date, paying just the minimum will not do in the long run and will just make your debt unsurmountable. If you have already managed to accrue huge debt here is how to close your cards and increase your credit score too!

1. Pay off the smallest outstanding credit card completely. 

2. Pay the minimum due of all the cards. 

3. Slowly pay more than the minimum due of one particular card while paying minimum due on every card you own. 

4. Cut up the cards that you have cleared completely so that you are not tempted to spend on them again. 

5. Once you go debt free keep only one or two card which you pay the entire outstanding amount of!


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