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Taking Care of Your Credit Card Balance

More and more people are carrying a balance on their credit cards. While it is best to pay off your credit card in full at the end of each billing cycle, there are times when carrying a balance becomes necessary. In this case, there are a few steps you should take to prevent the credit card debt from getting out of control.
  • Get control over your expenses. Keep track of your spending habits and be continually aware of the charges you make. Double check your credit card statement at the end of the billing cycle to ensure all of the charges made to your account are accurate.
  • Make payments every month. Some credit card companies will occasionally give you a “free pass” from paying your minimum payment. Stick to your schedule and make that minimum payment. If you can spare more, send extra. In addition, make sure to never miss a scheduled payment. This gives the company the right to hike up your interest rate and will also cost you in late payment fees.
  • Keep at least 20% of your credit limit available at all times. By keeping a bit of padding rather than maxing out your card, you will always have the cash available for taking care of life’s little emergencies.

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