How do you avoid credit card debt?

| Feb 13, 2020 | Bankruptcy

When Kentucky residents fall into debt, it takes a while to get back out. Individuals with a past history of debt often feel anxiety over it happening again. Today we will take a look at some of the tips and tricks that help people avoid this.

Mint.com looks into this, providing budgeting tips to help you avoid debt. First, they suggest changing the way you look at your credit card. One of the easiest ways to fall into debt is by treating a credit card like money you are borrowing. Instead, they suggest treating it like money you already have. This way, you are less likely to spend more than you can pay back at the end of the month.

This will help you pay back your credit card bill in full every time, which is also important. Another easy way to fall into debt is by paying only the minimum amount due. This allows bills to continue piling up. If you are not able to pay it back in time, the total hits huge amounts that you cannot pay off.

Limit the number of credit cards you have as well. Many people get several cards because it helps them circumvent the credit limit. In reality, credit limits are set based on how much you should be spending in a bill cycle. If you want to spend more, discuss with your credit card provider. Do not add more cards, as this only gives you more bills to keep track of. The more you have, the higher the risk is of forgetting one and missing a payment.