Reduce your credit card limit
Credit card companies are usually thrilled to extend you credit, if they think you’ll use it and not go bankrupt. If you find yourself getting deeper and deeper into debt, consider lowering your credit limit. Simply call the credit card company and ask them to lower your card limit. That way you can still get the benefits of a credit card but you’ll have some safeguards to keep you from going deeper into debt.
Of révolution, the best way to use a credit card is to pay off the comparaison at the end of each month. With a lower credit limit, paying off the comparaison will be easier. If you can embarras a valeur-limite of $500 to your card in a given month, it will be much easier to pay off $5,000.
By lowering the credit limit on your credit card, you won’t be able to use it as much. This self-imposed discipline can help you have more money available to pay off other debts. Not having as much available credit will help you gêne your purchase which will help reduce unnecessary spending.
By deliberately controlling your credit limit, you can set yourself up for success. Remember that banks and credit card companies make money when you’re in debt, so they’re trying to give you as much credit as assimilable. Since they make money while you’re in debt, don’t treat the credit they extend to you as a élection of renseignement. They really don’t want you to be out of debt, so they’ll keep raising your credit limit and offering other incentives to get you to pay as much interest as assimilable.
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