Credit card has become inseparable need of human thus they can’t even imagine their routine life without cards. Being aware of its importance in human life, lenders are constantly altering its rules text loan unexpectedly which enhance the cases of credit card traps. Even, the savviest card users can easily get trap and perform mistakes eventually. So, it’s advisable to be cautious while using credit cards to keep you safe from unforeseen risks. Things you should keep in mind to save you from unseen traps:
It’s always better to pay the entire amount:
Usually people think that paying the minimum amount is much feasible way to pay debts. But, they aren’t aware with fact that minimum amount usually end up with higher price due to additional interest charges. That’s precisely what lenders are expecting for. So, if lender offering teeny tiny regular payment options to consolidate your debts, don’t go ahead with. Always pay extra or shell out the entire balance every month. Lenders always want to make borrower indebted with more credit than they can’t make the full payment every month and choose their EMI option which is more profitable to them. So, presetting your imaginary card limit in your mind is viable option. Never expand higher than your repaying limit. Once you reach to predefine spending limit, better to keep your card at home for the next few days to control your unnecessary expenditures.
Utilize credit card as debit card:
Credit card work on – Spend now and pay later theory and that is the biggest reason behind trapping. Its presence keep you little greedy as you can get easy repayment options and pay later deals that sometime extend your expenditure limit too. But, after that you are charged with pretty high fees that can be outrageous. And why not, companies are providing cash advance facility and for this they will charge you with slightly higher charges due to high risk involvement. Choose cash advance facility only when you are able to repay back immediately else you’ll be charged with higher interest rates. Text loans
Even, in emergency it’s better to ask cash advance help from friends or family instead of using credit cards. Always analysis your repay ability thoroughly and on that basis applies for personal loans of or use credit card freely.
Never ignore your credit limit:
Always take your credit limit seriously if you want to make yourself safe from unnecessary and extra charges. If you cross your limits and pay the minimum balance limit, you could be trapped with huge debt for years. Visit – http://www.100textloansuk.co.uk/