Credit CardsBudget & Finance

Credit Card Use and Your Future

Category Credit Cards

When using credit cards, it's better to not use them so much so you can pay off the monthly balance each month. If you don't have the cash to make your purchase(s) with, either wait till you do, or reconsider the purchase to begin with.

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A maxed out credit card that you only pay the monthly balance, rather than paying the monthly balance and some extra, will leave you with a card that never gets payed off. This will hurt your credit rating. So the next time you need a new car or new house, this debt will go against you. What you're doing now with credit cards, might harm what your future holds in store for you.

By T.H.

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By Kathleen (Guest Post)
April 11, 20050 found this helpful

I think you need to clarify a bit. By monthly balance I'm thinking you must mean the minimum payment on the balance. If you pay the monthly balance--meaning the entire balance each month--then it will enhance your credit and accrue no interest. But the key is paying everything off each month.

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By Ellie (Guest Post)
April 16, 20050 found this helpful

When I charge anything on my credit card, I always enter it in my checkbook and deduct the amount just as if it were a check. I am always aware of my balance and when the credit card bill comes, I can pay it off knowing it has already been deducted!

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This way, I can always pay it off entirely every month. Keeps me from charging too much!

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