Credit cards. Quick cash. Easy Shopping. Big debt.

How quickly we go from using plastic for convenience to depending on cards to stay liquid!  Try these credit card survival tips to stay afloat:

(1) Keep track of your purchases and your total combined debt so you’re not surprised when the monthly statements arrive in your mailbox.

“If you aren’t keeping track, you won’t know when you’ve spent all your money. You also won’t know if there’s an error,” says Gail Vaz Oxlade, host of Til Debt Do Us Part.

(2) You’re not collecting stamps, so two credit cards should be enough. More than that and you start getting into “credit card roulette.”
   
(3) Don’t be afraid of healthy debt - it can help your credit score.

“The credit scoring system was originally designed to show the lender who the most profitable customers are,” says Vaz Oxlade. “That’s why people who pay their minimums and no more may have higher credit scores than those who pay off their balances in full every month. (Of) course, it also means you’re willing to make your lenders rich!”

(4) Make minimum payments on time to keep your credit history shiny. If you want to get out of debt, set a date for being debt-free and make a plan that gets you there.    
   
“You can’t get out of debt if you make only your minimum payments while you are also charging new purchases,” she says. “First, put your cards away. Next, divide your balance by the number of months you want to take to get to debt-free.”

Do you have a credit card survival tip or horror story to share?

by Sandy Caetano