5 Helpful Tips for Managing Your Credit Cards in 2015

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This year is the perfect year to get on track with your credit card spending. If you have had trouble in the past, now is the time to really kick things in gear. The truth is that credit cards have been designed to make people spend. Just take rewards for example: credit card companies encourage people to spend money on certain things so that they can receive air miles. However, what if you don’t need these things? What if you don’t have the money? When it comes down to it, using credit cards requires discipline and willpower. Here are five helpful tips for managing your credit card in 2015.

  1. Close out credit cards that you don’t use. Now that it is a new year, you may want to close out any credit cards you don’t use. These credit cards are only going to cause you grief – mainly because you may still be paying annual fees. Closing these cards will be important if you want to keep your credit healthy.
  2. Lower your spending limit if you are spending too much money. If you visit Credit Sesame and check your credit, you may want to increase your spending limit if you have a high score. However, if you are having trouble managing your credit cards, you may actually want to lower the minimum. The last thing you want is to think you have more money than you do. When you have a higher minimum, you will wind up spending money that you don’t have.
  3. Don’t charge your credit card purely for the sake of cashing in on rewards. One way to not get in trouble with your credit card is to not charge your card for the sake of reaping rewards. Yes, you may accrue air miles, but if you are spending just to spend, you are basically buying those air miles. The same goes for other rewards, like cash back bonuses and gas points. If you spend reasonably, you will feel much better about cashing in on your rewards.
  4. Always budget and don’t spend more than you have. On top of everything, you also want to budget accordingly. If you make a certain amount every month, you want to budget how much you can spend on your credit card. You may find out that you have been spending too much money and need to cut down. Cutting down on these expenses will help you stay financially afloat. Moreover, it will keep you further and further away from the red.

Never let your balance cross over into the next month. Of course, you also want to pay off your balance at the end of the month. If you don’t, you could be faced with high interest rates that will make it more and more difficult to pay off your credit card bills. When it comes down to it, you may want to set up an automatic payment or transfer system so that you never have to worry about paying your bill.

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance. He has an active schedule of TV and radio interviews He is co-host of the popular VT Radio show Jim and Gordie Show. latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers. He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon. Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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