Your First Swipe: What First-Time Users Need to Know About Credit Cards

credit card

credit cardThere is always a first for everything, and most of them tend to be sloppy and irresponsible.

The same cannot be applied toa specific first-time experience: credit card use. It’s simply too costly to let it go that way. Yes, it’s your first time, but taking the precautionary measures to avoid getting in deep water in the near future is necessary.

Credit cards may make you feel powerful, and as Uncle Ben said, “With great power comes great responsibility.” A skill most Americans now find difficult to exercise in possession of the mighty plastic.

The collective of American consumers have a debt of $11.74 trillion, a 3.3% rise from the previous year. Responsible and disciplined individuals don’t create these numbers, right? So you should make sure that you are one, to keep yourself away from debt.

Wave childhood goodbye and greet responsibilities with a smile before you make that very first swipe with these thoughts in mind:

Budgets are Lifesavers

Create a budget and stick to it. When you set a strict set of boundaries, do not cross them, even though it pains you to walk out of that outlet store without a bag in hand.

Think of it this way, once you stick to your budget you’ll have more money for your needs and avoid sudden bursts of impulse buying. By creating an efficient financial plan with professionals like, Kalsee Credit Union, you can maintain and follow a healthy one just for you.

A Credit Limit Increase is a Double-Edged Sword

Yes, you can buy more stuff, but can you really afford them? Do you see the struggle here? While your credit card company offers you a higher limit, in the end, you still have to pay for it—a thought most naïve credit card holders fail to remember.

Pay On Time

Don’t prolong the agony and stress and pay your bills on time. Avoid penalties and be the responsible adult that you are. Why? Because you can be one.

If you let the debt pile one after another, you’re left to worry about more than the previous bill. If you cannot pay just yet, at least pay above the minimum requirement. And try not to make another purchase until you’ve paid off the last one.

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