Harlem Community Newspapers | March 19, 2020

Page 17

CONSUMER

HARLEM COMMUNITY NEWSPAPERS

8 Tips for Avoiding Credit Card Debt (Statepoint)

A

1. Create and stick to a bud-

If you’re not sure you’ll always

get. This will help ensure you

have enough to pay in full, set

mericans’ credit card

are not spending more money on

an automatic payment for the

debt totaled $930 bil-

your credit cards than you can

minimum amount due, which

lion in the fourth quar-

pay off at the end of every month.

will also remind you to pay the

ter of 2019, a $46 billion increase

2. Remember that your credit

bill in total. You might even con-

over the third quarter, according

limit is not money in the bank.

sider paying your bill every two

to recent data from the Federal

When you pay with a card, you

weeks to keep closer tabs on your

Reserve Bank of New York. At

must have money available else-

spending.

the same time, the proportion

where to pay for the purchase.

6. If you need help minimiz-

of borrowers whose credit card

3. Sign up to receive text

ing your credit card use, consid-

payments were 90 days late or

alerts whenever your credit card

er contacting a credit bureau to

later increased to the highest per-

is swiped. These alerts will help

freeze your credit. You can even

centage recorded in almost eight

you monitor how frequently you

freeze your credit via smartphone

years.

use your card and remind you

apps. You can always deactivate

that, while not immediate, money

the freeze when you truly need to

is being spent.

use credit for a big purchase or in

Credit cards come with a certain amount of risk, and growing debt can cause problems ranging

4. Keep your credit card bills

from stress and depression to a

organized, be aware of payment

7. Delete your saved credit

poor credit score and reduced re-

due dates and maintain regular

card information from accounts

tirement savings. But when used

payment schedules to avoid bal-

with merchants such as iTunes or

wisely, credit cards can be a help-

looning debt, and protect or even

Amazon. Taking the time to enter

8. Consider keeping your

A Certified Financial Planner

By sticking with a budget and

ful tool for managing personal

improve your credit score.

payment information manually

credit cards in a secure location

(CFP) professional can help you

staying on top of bill payments,

finances and building credit. Here are eight tips for staying out of credit card trouble:

an emergency.

PHOTO SOURCE: (c) Nattakorn Maneerat / iStock via Getty Images Plus lihood of overspending.

use them.

visit www.letsmakeaplan.org.

5. Set up automatic credit

means more time to consider a

that is not your wallet. If you do

manage your spending without

you can avoid the stress and fi-

card payments from your bank

purchase before completing your

not carry your credit cards around

accumulating credit card debt. To

nancial consequences of credit

account so you’ll never be late.

order, which can reduce the like-

with you, you are less likely to

find a CFP professional near you,

card debt.

Need Help Paying For Medicare Costs? For help or to make an appointment in person, call Aging Connect at 212-244-6469 or email HIICAP@aging.nyc.gov

This project was supported, in part by grant number 90SAPG0033, from the U.S. Administration for Community Living, Department of Health and Human Services, Washington, D.C. 20201.

Harlem Community Newspapers | March 19. 2020

Our experienced counselors provide free Medicare counseling and could help you save money on prescription drugs and more.

17


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
Harlem Community Newspapers | March 19, 2020 by Mike Kurov - Issuu