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.
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