Credit cards that were once considered heaven sent has become nemesis for most American especially in this economic downturn. Unhealthy spending habits coupled with improper credit card usage are more to blame rather than credit cards themselves. The rule of the thumb is never to spend more than you earn, even if your credit limit is more. Keep the balance to minimum and don’t get into the habit of paying only the minimum amount. It will only increase your amount by adding interest to it and take longer to settle the debt. Last but not the least; don’t rely on cards for emergencies. Stash away some cash for that.
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