Keeping Your Credit Cards Under Control?

Discussion in 'Credit Cards' started by Jessika, May 15, 2017.

  1. Jessika

    JessikaActive Member

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    How do you keep your credit card spending under control? I resorted to leaving them at home and only bringing them out for pre-planned purchases, but it takes some discipline to do and is sometimes inconvenient. I've heard of people freezing their cards in a bowl of water in the freezer to make sure they really want something when they use it. Do you have any tips and tricks you use, or are you just naturally disciplined with cards?
     
  2. Jamille

    JamilleActive Member

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    I always bring one credit card with me along with an ATM card but I don't use it to buy something I can't afford to pay. I'm naturally frugal and having credit cards didn't change my standard of living. I know when and where to use my credit cards and I always try to make the best of the benefits of having them. I can't say that I am naturally disciplined, but I've been using credit cards for more than ten years and I'm not likely to get excited to use them for whatever catches my fancy.
     
  3. Shine_Spirit

    Shine_SpiritActive Member

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    Credit cards are excellent, they promote a lot of practicality (which is essential for us to save time and have more security)... But, control them can be a task very difficult if you aren't a very well organized person with your finances.

    I think avoiding unnecessary spending is the best way.
     
  4. Zero

    ZeroMember

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    A lot of people missuses their credit cards thus they gather a lot of debt for things they have bought that are unnecessary. I can use my credit card when i'm need of money or when i need to improve my Credit card score.
     
  5. Belovedad

    BelovedadActive Member

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    Have you considered putting a limit on it? By this limit I mean a custom one below the one the bank allows. My friend has done that to prevent excessive spending in a short period of time. He scaled it to his budget so even if he maxes it out, it falls within what he can handle.
     
  6. Alexandoy

    AlexandoyActive Member

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    This is a very good thread that should be read by all credit card holders. The usual mistake of using the credit card is to over purchase that could lead to arrears. And when there are arrears, the interest and penalty would start to pile until you become overwhelmed with your credit card balance. That happened to my wife’s sister. For a mere 5k of balance in her credit card, it ballooned to 50k after 2 years of not being able to settle her 5k balance. What happened was that she had to enter into a compromise agreement so she would not be jailed. It’s really sad for that to happen just because of negligence.
     
  7. moondebi

    moondebiActive Member

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    I'm, more or less is a cash buyer. It is because, I cannot keep a track on how much did I spend through credit cards. Thus it crosses the limit, at times.

    Moreover, when the bill comes, often forget to pay on time. Due to this, I paid penalty on several occasions.
     
  8. Nakitakona

    NakitakonaActive Member

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    It is ridiculous to do something weird with your credit card just to control your unwanted or impulsive purchases. It only requires an attitude to do it coupled with a determination and a self-disciplined. Believe me nobody could tell to do this and to do that just to avoid the abuse of using your credit card. It is you and yourself alone could do that.
     
  9. thisnthat

    thisnthatActive Member

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    Credit cards are good to have in case of emergency. They can also be used responsibly to pay for important things without taking out a separate loan (like tires for your vehicle or repairs, etc.). Even when making reasonable purchases, it's best to have a plan in mind to pay it down quickly. Just think about how much you are paying in interest (and interest comes off the top).

    It's easy to get happy with credit if you're not careful, but if someone has to resort to freezing their card to keep from using it, they probably shouldn't have one.

    I would recommend not using credit for frivolous purchases or gift shopping (unless you intend to pay it off right away). I've seen too many people go on a spree and spend way too much on gifts that they could not afford. Why, to try to impress someone? It's not worth it. Anybody who cares about you wouldn't want you to get into debt to buy them a gift anyway.

    It's always better to live within your means.