Credit Cards - A Blessing or a Curse?

Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. However, getting a credit card is also a huge responsibility and if you don't keep an eye on your spending habits, credit cards can create some serious problems. Here is an excellent list of tips on proper credit card use and if you follow these, you will likely stay out of trouble and your credit card will be a blessing instead of a curse:

1. When you make a purchase with the credit card, it is akin to taking a loan from your bank. What you have borrowed has to be returned - so do not borrow beyond your capacity to pay it back.

2. Always maintain a record of your credit card balances during a month so that you are aware of what you have already spent. This will help you evaluate if you can make any more purchases in that month as even small purchases can add up to large balances.

3. Retain all receipts at least untill you can compare them to the credit card monthly statement. If some purchases do not match or if some charges are higher than those on the receipt, immediately contact your credit card company.

4. Never give out your credit card to anyone! This includes people in your family and any of your friends. It is not that you cannot trust these individuals, but you cannot track purchases you are not even making.

5. When you charge more than you can repay, a lot can go wrong. This can limit your future potential of getting any kind of credit, including car loans, home mortgages and other forms of loans.

6. Pay your credit card bills on time or even before they are due. Doing so will not only help improve your credit scores, but also help avoid additional costs associated with late payment charges and accrued interest.

7. Pay your credit card bills in full every month. This is easy to do if, based on your income, you establish a monthly budget for your credit card purchases and then not exceed that.

8. Keep your credit cards for new purchasing. don't pay one credit card bill with a different credit card. This will inevitably lead to more charging and higher balances.

Connie Gutchrif is the President and Editor of FN Credit - An excellent resource for information on credit. To learn more, be sure to visit: http://www.fncredit.com

---

Choosing a Credit Counseling Company

If you have considered credit counseling as an option to... Read More

Understanding Your Credit Score

When you apply for credit one of the first things... Read More

Credit Card Expenses Are Killing Your Budget!

Do you know the costs associated with your credit card?... Read More

The Truth About Credit

What you might not know about credit.Some people don't know... Read More

Credit Card Companies Are Out for Your Money

You're probably thinking "Tell me something I don't know" but... Read More

Free Credit Report ? Watch Out for Scams

Many people may still not be aware of an amendment... Read More

Cash Advance ? How Does It Work?

If you want a cash advance or a payday/paycheck loan,... Read More

Are you paying higher interest on your credit cards than you think?

Many credit card holders sign up for a credit account... Read More

SuperCharged Secret 1 of 5 - Credit Card Utopia

I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More

What is the Check 21 Act?

Check 21 is the common name for the Check Clearing... Read More

Choosing The Credit Card That Is Right For You

Credit cards represent an important part of our financial lives.... Read More

What Happens When Your Credit Is Damaged? Do You Have Recourse?

The good thing about bad credit is that you can... Read More

Credit Report Disaster Through Mistaken Identity

I've got some very important info I want you to... Read More

Simple Identity Theft Protection

How many of you bank, shop, or transact other business... Read More

Figuring Out the Ever Nebulous Numbers Called Credit Scores

Credit Score FactorsThe information contained on our credit reports affect... Read More

The Next Person With Credit Problems Got Their First Credit Card Today!

One of the focus areas of my information is the... Read More

Compare Credit Card Offers and Reward Yourself

Here's a simple system on how to pay zero interest... Read More

Bad Checks, Bounced Checks, & NSF Checks

Negotiable instruments like checks and drafts have become an indispensable... Read More

Five Debt Negotiation Facts

These five debt negotiation facts along with a few debt... Read More

Credit Education

Having credit education is like knowing how to read. It... Read More

SuperCharged Secret 4, Credit Card Utopia

YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's... Read More

Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure

Let's face it, if you are facing the possibilities of... Read More

Building A Credit Report Lenders Will Love You For

Will lenders really love you for having a good credit... Read More

Your Credit Rating and How To Check It

There is a lot of confusion surrounding UK credit ratings,... Read More

Understanding Your Rights Under The Equal Credit Opportunity Act

It wasn't all that long ago that lenders blatantly discriminated... Read More

Your Credit Card May Be Costing More Than You Think!

Do you know what your credit card is truly costing... Read More

Credit Reporting: How Does It Work?

In order to determine a consumer's credit worthiness, creditors and... Read More

Special Credit Information for Married Couples

If you are married, establish separate credit accounts.Try to finance... Read More

Student Credit Cards 101

Almost all students have and use student credit cards. Some... Read More

Online, Phone, U.S. Mail or In-Person: Where is Your Credit Card and Personal Identify Safest?

Identity theft is the fastest growing crime according to the... Read More

How Your Credit Rating Affects You, and How to Check It

You might not know it, but every time you take... Read More

How To Prevent Fraudulent Credit Card Transactions

What Are Possible Signs of Fraudulent Transactions see at Web... Read More

Credit and Its Cost

What is Credit? Credit is money granted by a lender... Read More