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How do you avoid going back into credit card debt?

On Behalf of | Feb 3, 2023 | Bankruptcy

Dealing with credit card debt is difficult for anyone. People who have fallen into credit card debt once are also at risk of falling back into it in the future.

How do you avoid this? What tips can you use to stay out of debt in the future?

Change how you view your card

CNBC has tips regarding what to do if you want to avoid going into debt with your credit card. A lot of the advice centers around the way that you view your credit card.

For example, many people treat their credit cards as a way to buy things with money they do not yet have. Even if you anticipate that you will have that money in the future, you should do whatever you can to keep from spending money that you do not already have. Try viewing your credit card like a debit card instead and only buy things that you could pay off on the same day.

Pay bills on time

Next, prioritize paying your bills on time and in full. Interest charges are the biggest way that people end up tangled in credit card debt without realizing it. Not only that, but paying your bill on time and in full will help your credit score rise.

Consider a secured credit card

Finally, consider getting a secured credit card if you struggle with spending. This requires you to put forth a cash deposit to guarantee your credit line. Then, if you do not make a payment on time, you forfeit the deposit that you put on the card.

These are all good ways to keep yourself from falling back into credit card debt.