How to Avoid the Credit Card Debt Trap
How to Avoid the Credit Card Debt Trap For people who have good money management skills and are disciplined with their spending, a credit card is a great tool for saving money and improving credit. However, many see it as a shortcut to the debt trap. People who get trapped in credit card debt typically do so by paying expensive financing fees on past-due balances. Let's look at some advice that will assist you from paying exorbitant finance fees while using credit cards.- How to avoid Credit Card Debt Trap Spend just what you can afford to repay If cardholders don't pay their balance by the due date, credit card issuers will assess financing fees. Additionally, unless the current debts are paid off, this may result in the cancellation of the interest-free period for any future credit card purchases. Additionally, if cardholders are unable to pay back the minimum amount due within the allotted time frame, the card issuers assess late payment costs. This can reduce their credit s...