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Filed under: Credit,Credit Cards ? admin @ 6:31 am

It can be tempting to put charges on your credit card every time you can?t afford something, but you probably know this isn?t the right way to use credit. You may not be sure what the right way is, however, and that?s how this article can help you. Read on to learn some essential things about credit card use, so that you use your credit card properly from now on.

When applying for a credit card, be sure that you check out the schedule of fees that may apply to you. This is important because if you do find yourself in a situation where you miss a payment, you do not want to be faced with late payment fees that you cannot afford.

Be sure that you only apply for credit cards that you know that you will need now, as well as, in the future. This is important because having too many credit cards may lead to irresponsible spending and living outside your means. Doing so may very well cause you to become buried in debt and have a hard time paying it off.

If you do a lot of traveling, use one card for all of your travel expenses. If it is for work, this allows you to easily keep track of deductible expenses, and if it is for personal use, you can quickly add up points towards airline travel, hotel stays or even restaurant bills.

To make the best decision regarding the best credit card for you, compare what the interest rate is amongst several credit card options. If a card has a high interest rate, it means that you will pay a higher interest expense on your card?s unpaid balance, which can be a real burden on your wallet.

Make friends with your credit card issuer. Most major credit card issuers have a Facebook page. They might offer perks for those that ?friend? them. They also use the forum to address customer complaints, so it is to your advantage to add your credit card company to your friend list. This applies, even if you don?t like them very much!

Bankruptcy

If you have gotten in over your head with credit, and have no idea how you will pay back your debt, don?t give up just yet. Many companies now have hardship programs which you can enter, that will lower your interest, set you up on a payment plan you can afford, and save you the damage of bankruptcy or litigation.

Surprisingly, if you file for bankruptcy, many credit companies will offer you cards within six months of filing. The reason is simple. They know that you cannot file for bankruptcy for another 4-8 years, which makes you a pretty low risk for default. To repair your credit, you may take one of these offers, but you must pay these on time. If you do not trust yourself, avoid these offers.

Stop using a credit card if your bills become too much to handle. That?s how people into serious financial trouble. First they try to pay their bills with their credit cards, their balances skyrocket, and soon they have to file for bankruptcy. Credit cards do not replace your paycheck.

If you?ve been guilty of using your credit card incorrectly, hopefully, you will reform your ways after what you have just read. Don?t try to change all your credit habits at once. Use one tip at a time, so that you can develop a more healthy relationship with credit and then, use your credit card to improve your credit score. If you need help with bankruptcy options, be sure to find the best Orange County bankruptcy attorney to help get you back on track!

Source: http://www.redhilllawgroup.com/blog/2012/07/744/

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