Mistakes Made By Credit Card Holders – Promise Not To Follow It
Nowadays no one carry hard cash with them and the reason is that it might get misplaced. Mostly people use ATM card or Credit cards. When you shop on stores it is seen that mostly people use credit card to swipe. Having credit card has made people shopaholic. But have anybody thought about what mistakes most credit card holder do.
Over here we have come with some of the most common mistakes that the credit card holder makes. Let’s see them all:
Avoiding terms and condition:
Mostly everyone try to avoid terms and condition. It is really important to understand the terms and condition when you apply for a credit card. People mostly get chocked when they see the increasing rate of interest in their credit card bill. Therefore it is mostly said to go through the credit card terms and condition.
Neglecting the monthly statement:
Whenever you go out for shopping make sure that you make a list on what you have spend on. This will help you in making a comparison better the monthly statement bill and your note. Therefore whenever you get the monthly statement you must be aware that you will go through it.
Only paying lower dues:
Mostly the minimum monthly due is 5%, but if you pay on this rate then it would take more than a year to pay off your due. This is not at all the happy situation for the credit card holder. It is better you pay extra due as compare to what exactly your due is. You must know that if you go on shopping, then your credit card bill will come along with increasing interest rate. Therefore it better you pay off maximum amount of due so that you can get low debt.
When you are out for shopping, you really don’t think before buying. Because of that you start spending over. The more you shop the more your debt grows. Before you buy anything make sure that do you really want it, and if you are buying it in EMI then how would you pay off the EMI. If you try to answer this question to yourself then you will defiantly get the better deal for spending minimum amount.
Having more than one credit card:
This is the most common mistake that people make. It has seen that once you get used to credit card spending, you then try to have more than once credit card. This is done because you keep an option of ‘if one does not works then you can use other.’ Having more than one credit card means you will be getting credit card bills with double interest rate and debt. Therefore it is better you have only one credit card and try to manage it properly.
The above points are the most common mistakes that people make. Therefore it is better you know about this mistakes, nit it and then promise yourself to not repeat it again.