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This is how you could be using your credit cards incorrectly

It's true that credit cards have a potential to get you into a lot of debt. Using them incorrectly can cost you money, too. How should you use them to get the best bang for your buck?

Start with making sure you can pay the debt on the card off each month instead of taking on more debt than you can handle. If you're unable to pay the full amount, pay as much as possible each month to pay off the balance quickly. If you don't pay it off quickly, you'll find that interest kicks in and charges you more than you initially spent.

Cancelling your credit cards can cause your credit score to go down, surprisingly, so if you plan not to use your cards any longer, consider keeping them open with a zero balance. If the card is contributing to your debt because of annual fees or other penalties, you can close it. Look for a better card with no annual fee, so you can still show lenders that you have a good amount of available credit.

Most people decide that once they have a card, that card is good enough. It hurts you not to look around for cards as your credit score changes. A better card with better interest rates helps you pay down debt faster and makes it easier to borrow more money with fewer fees.

No matter what your situation is, there is a way out of it. If you have overwhelming debt, you can look into legal options to start fresh financially in just a few months.

Source: CNN Money, "How you could be using your credit cards all wrong," Laura Sanicola, July 31, 2017

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