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Credit Cards

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Manage Your Credit Cards Effectively

Effectively managing your credit cards is very important if you are not to waste your money needlessly. Credit cards are a useful, and some would say, a neccessary part of modern consumer life. Having a credit card enables you to make instant purchases, both at the store, and online, regardless of whether you have the cash ready to hand. And, therein, lies the danger - it is very, very easy to over-extend your finances and spend more than you can afford - a not good situation for your overall wealth.

A good way to manage your credit cards and ensure you do not run up huge interest bills, is to put in place and use an infallible rule - always pay off the outstanding balance each month ON TIME. This way you will avoid late payment fees, and also ensure that you do not pay high interest rates on the outstanding balance - there won't be one. Something to remember is, if you regularly make late payments you can affect, and increase, your future credit costs on many financial credit products in the future. This is important, you do NOT want to pay higher interest rates on your mortgage, for example.

If you do find that you have over-extended yourself on your credit cards and have a balance that you cannot pay off at the end of the month, then consider taking out a lower interest rate personal loan. That can be used to pay off the credit card and save you (perhaps) a significant amount of money. Another good option is to shift the outstanding balance tyo another credit card with a lower interest rate - this si another good way to save money fast on your credit cards - you should consider all options - every penny counts. Sometimes, if you sign up for a new credit card with a new finance company they will offer you an initital interest free period - this will be useful to you to reduce your interest if you have a credit card balance that you are unable to pay off immediately.

Also, remember, that using your credit card for purchases often offers you valuable additional protection against fraud, non-delivery of goods and mis-selling - check your contract with your credit card provider.

Credit Cards are undoubtedly a useful and functional financial asset, just make sure you manage and use yours wisely, and don't let your credit card drain away your financial health and wealth.

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