{"id":5668,"date":"2014-07-11T10:49:20","date_gmt":"2014-07-11T05:19:20","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=5668"},"modified":"2020-01-03T15:47:32","modified_gmt":"2020-01-03T10:17:32","slug":"plastic-money-use-it-wisely","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/personal-finance\/plastic-money-use-it-wisely\/5668","title":{"rendered":"Plastic Money – Use It Wisely"},"content":{"rendered":"

This article is a contribution towards our financial literacy series. It has been written by a specialist in credit and debt counseling – Satish Mehta, Founder and Director of www.credexpert.in.<\/div> <\/em><\/p>\n

\"credit-cards_2007247b\"<\/a>Credit cards, or plastic money, are a substitute for money and a convenient option at that. They make life easier, but with a caveat – “Do you use your credit card or does your credit card use you?” Here are some steps which would ensure that you use your credit card rather than the other way around.<\/p>\n

Read the Card Holder Agreement<\/strong><\/p>\n

Do not sign on that dotted line unless you read the credit card’s terms and conditions, features and penalties. This would ensure that you do not discover any surprise fees at a later stage.<\/p>\n

Buy 24 Karat<\/span> Pure Gold Online <\/a><\/div>\n

Use Cash or Debit Cards<\/strong><\/p>\n

Reach for your cash or Debit Card for day-to-day purchases. Using credit cards for regular purchases will increase your dependency on the card and you might end up over borrowing.<\/p>\n

Avoid Impulsive Purchases<\/strong><\/p>\n

Do not use your credit card to live beyond your means. It can impact your budget, divert you from your goals and also potentially result in a debt trap for you.<\/p>\n

Know Your Payment Due Dates<\/strong><\/p>\n

Keep track of your credit card due dates. Missing the payment due date could cost you interest and most importantly, it may show up as late payments on your Credit Report.<\/p>\n

Never Carry a Balance<\/strong><\/p>\n

Credit cards come with high interest rates of 35-40% p.a. If you are making minimum payments, then you would not only end up taking more time to pay off the debt completely, but you may also pay much more than borrowed.<\/p>\n

Do Not Use Your Credit Card for Cash Advances<\/strong><\/p>\n

It is the most costly way of getting cash! Cash advances do not allow for a grace period and this could be the first step towards a debt trap.<\/p>\n

Here is an easy and quick way to find out if your credit card has been using you. If your answer to any one of these questions is ‘Yes,’ then your credit card is taking control over you.<\/p>\n

\u2022 Are you cash stretched?
\n\u2022 Are you making minimum payments?
\n\u2022 Are you over dependent on your credit card?<\/p>\n

Answer them and find out for yourself!<\/p>\n

Buy 24 Karat<\/span> Pure Gold Online <\/a><\/div>\n

ABOUT THE AUTHOR<\/strong><\/p>\n

Satish Mehta is the Founder and Director of www.credexpert.in – a credit and debt counselling company that provides end to end customized counselling to individuals by handholding them through their credit life cycle.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Credit cards, or plastic money, are a substitute for money and a convenient option at that. They make life easier, but with a caveat – “Do you use your credit card or does your credit card use you?” Here are some steps which would ensure that you use your credit card rather than the other […]<\/p>\n","protected":false},"author":5,"featured_media":17403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66],"tags":[206,208,187,207],"yoast_head":"\nPlastic Money - Use It Wisely<\/title>\n<meta name=\"description\" content=\"Plastic money or credit cards are very convenient. 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