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3 tricks for responsible credit card use

Now that you're well on your way to resolving your credit card debt, it's time to start considering strategies that will help you never get into this problem again. This article will cover three simple things you can do to stay financially responsible and avoid spending money that you don't have.

Three strategies for avoiding credit card debt problems:

-- Pretend your credit card is a debit card: You never spend more money than you have in your bank account because of the huge penalties you'll incur. For this reason, you use your debit card quite differently from your credit card. If you take a few minutes to calculate a simple budget -- or how much you can afford to spend each month -- you can easily stop yourself from spending more money on your credit card than you can afford to pay off each month.

-- Never maintain a balance: Make a rule for yourself that you will not carry a balance on your credit card. If you're not immediately able to do this, make it a financial goal, and once you reach that goal, maintain it as a financial priority.

-- Use points and rewards whenever possible: Are you being offered a new credit card with a 0 percent interest rate offer for balance transfers? Consider getting the new credit card, transferring the balance from your other one and cutting up the old one. Also, if you get nice rewards from your current credit card, make sure to take advantage of points to save money on purchases.

For some readers of this blog, the above advice is a little too early. You may be struggling under a mountain of credit card debt that you don't know how you'll ever pay off. If you're in a circumstance like this in King, Washington, consider reaching out to a bankruptcy lawyer for assistance. You may or may not need bankruptcy to get out of debt. A lawyer can determine the most appropriate debt resolution strategy that suits your needs.

Source: Good Men Progect, "3 Steps to use Credit Cards SuccessfullyMake your credit cards work for you, not the other way around.," David Kretzmann, May 18, 2017

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