Credit card debt has been a growing burden for a big part of the population for some time. Because of this, people are starting to be more discriminating as to when to use their cards now. But for the financially intelligent, credit cards may offer excellent benefits provided they look out for the pitfalls along the way.
Check the fine print of your credit card. Pay particular attention to the financing charges. See when those financing charges are tacked on. Normally, financing charges are levied when the month-end payment is less than the acquisition and you end up with an account balance. If this is the case, so that you don’t get hit with the financing charge, regularly pay in full all your card purchases at the end of the billing cycle.
