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From the 4chan wiki
Fundamental Factors In Credit Card Protection
Why should you use credit? How can credit impact your life? What kinds of interest rates and hidden fees should you expect? These are all great questions involving credit and many people have these same questions. If you are curious to learn more about how consumer credit works, then read no further.
Whenever you are considering a new credit card, you should always avoid applying for credit cards that have high interest rates. While interest rates compounded annually may not seem all that much, it is important to note that this interest can add up, and add up fast. Make sure you get a card with reasonable interest rates.
Try to avoid letting anyone else become an authorized user of your card if you can avoid it. Sometimes people are tempted to let others have access to their cards in this way and the other person runs up the card and they are not the ones that will be legally responsible if the debt does not get paid.
If you have a secured credit card, sometimes the company is willing to offer you an unsecured credit card after having proven good standing. At the same time, the offers will start coming in the mail. This is when you are going to have to go into decision-making mode, yet again when re-evaluating your situation.
Make a realistic budget plan. Even though you have a credit card limit your company has provided you, you shouldn't max it out. Plan out how large of a payment you can afford in respect to paying off your entire balance each month.
When it comes to using a credit card, be sure that you keep an eye on your balance, so that you do not exceed your limit. This is important because not only may you be charged a fee, but the company might also increase your APR. Your peak balance will also show on your credit report, and having a balance higher than your limit does not reflect well upon your report.
Set a budget when it comes to your credit cards. You should have a budget for your income, so include your credit in your budget. You do not want to think of your credit card as extra money. Have a certain amount set aside that you are willing to spend on your card each month. Stick to that, and pay it off each month.
The frequency with which you have the chance to swipe your credit card is pretty high on a daily basis, and only seems to grow with every passing year. Making sure that you are using your credit cards wisely, is an essential habit to a successful modern life. Apply what you have learned here, in order to have sound habits when it comes to using your credit cards.
