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Credit Cards have made our life easy and smooth. It has changed our spending habits too because of its sheer convenience. However, there is always a risk of spending without foresight. So, there is always a need of asking a few questions to yourself like: • Do you know the rate of interest on your credit card? • Did you read all term and conditions? • Do you depend on your card and spend the maximum credit limit? • Have you been paying only the minimum amount due or paying late? All these questions are necessary to answer to stay from < href="http://www.dialabank.com/credit-card.cfm">Credit Card debt. The factors like rate of interest, hidden costs, exceeding credit card limit can charge you lots of money. So, it is necessary that you look into each factor and make a wise decision. Following are some points that will help you manage your credit card debt easily. Learn The True Costs: Before using the credit card, know the interest rates and the fees that you will be charged. Determine the amount that will be charged to you for buying an item with the help of credit card. Make payments on time: Ensure that you pay all payments in time and prevent your debt from accumulating. If you miss any payment, you will be penalized and charged the higher rate of interest. Also, your credit history will be negatively hit which will lower your credit score. Pay more than the minimum amount : Try to pay more than the minimum amount on your card if at all possible. It will help you to clear all the Loan easily. If you take a long time to pay the debt, then you will have to pay more due to the rate of interest charged. Ask for a lower APR: In case, you have a good credit score, then you will be charged low APR. It is because the company don’t want to lose their customers especially those with good payment histories. Manage your spending: If you want to prevent yourself from the debt, then you should not spend more than the credit limit. You should remember than you will be charged for exceeding the credit limit which adds to the debt. Budget your money: Make a budget that will enable you to live comfortably while repaying the debt. Try to stick to the budget and avoid overspending. Review the budget and see if you can cut on some items.
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