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Keeping your credit card debts in check

Though they're not as widely discussed as student loan debts, credit card debts are nevertheless a significant issue for a great many American families. More than just the balance owed on a credit card, the interest rates endlessly pile on, turning a small, manageable amount of debt into an avalanche of unexpected bills. If you want to avoid racking up a significant credit card debt, there are some things you should know.

One of the most common mistakes that people make when obtaining a new credit card is believing that their limit is simply free money. Consumers have a credit limit of $4,000, for instance, and they suddenly spend as though they have $4,000 more in their bank account. No matter what your credit limit may be, consider the following when you receive a credit card:

  • Make your own limit. Banks and credit card companies want you to spend more than you can afford so that they can make money on the interest. That is why they give you such high credit limits. Simply ignoring the credit limits and creating your own limit based on your budget can help you avoid spending too much.
  • Pay off expenses monthly. Again, the goal for credit card companies is for you to spend more than you can pay off, which is why you are given weeks or months to make payments, and why you are given a minimum payment. If you only make the minimum payment, you may not even cover your interest rate. If you pay off the entire balance every month, you won't be charged any interest.
  • Keep only a few cards. The more credit cards you have, the more likely you will overlook a balance or two and not pay it off, allowing it to rack up interest. Keep only as many cards as you can manage.

These are just a few ways to manage credit card debt, but unfortunately, they do little to help individuals who are already swamped with debts that they cannot pay back. If you are struggling with credit card debts in Texas, consider contacting a bankruptcy attorney who can help you discharge your credit card debts so you can have a fresh financial start.

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