Do you know how much income you earn and where you’re spending the money?
Budgeting will help to better understand spending habits. Free apps such as Mint can help make this a simple task.
Unless you have an unexpected event such as expensive car repairs, budget to pay those credit card bills off monthly. As a part of your routine, take a few minutes every month to read billing statements. Understand that keeping a balance is expensive because of interest paid. The interest rate on credit cards is usually very high. And if not paid off, monthly credit card debt can quickly spiral into a much bigger problem.
Credit card reporting agencies know that when a consumer carries high credit card balances, their default risk increases, and the agency will penalize the consumer by lowering their credit score. A low credit score will cost you because lenders feel you could be a credit risk. If issued credit, the interest rate paid will be higher than someone with a credit score of 720 or higher.
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