Using your credit card wisely is essential for strong financial health. You can easily undo years of savings and building up your credit score with just a few fees from the banks, so it is crucial that you do everything you can to avoid this kind of debt.

Credit is a part of every major purchase you will make in your life, from getting a new car to investing in your first home. If you have credit card debt constantly haunting you, it will be much more difficult for you to make these kinds of transactions.

Here are a few tips to help keep you out of debt:

  • Avoid any fees or penalties: There are financial penalties for everything these days, particularly if you make payments on your credit card late. Even if it is only a day or two, or you exceed your limit, a higher interest rate could then be triggered. That will show up on your credit report.
  • Don't get a cash advance: While getting cash quickly might seem like a tempting offer, those kinds of advances generally carry with them a high interest rate and lots of fees. You should avoid going down this road if you can do so.
  • Keep old accounts open: This might seem counterintuitive, but closing accounts you no longer use could actually damage your credit. This will reduce your credit to debt ratio and credit history, which can negatively affect you financially in the future.

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