Career & Money,  Living

Say No to Debts!

The first-world problem people still struggle from

I am quite proud to say that I’ve managed to pay off the rather large credit card debt that I accumulated in my early 20s, and now, in my 30s, I’m much more careful with my spending. I’ve learnt that if you don’t want to get into trouble, you must never spend beyond your means, for example, now I only use my credit card for necessities and I make sure that I pay my bill in full.

While reading up on credit cards do’s and don’ts recently, I came across some excellent tips from Dr Susan McCarthy, a financial adviser and author of The Value of Money. Here are her top four credit card don’ts:

1. Don’t make only the minimum payments 

It will take you longer to pay off your debt and interest will increase the overall cost.

2. Don’t carry too many cards
If you want to run the risk of racking up debt, then carry more than one credit card. Limiting yourself to one or two is better, and do keep a very close eye on them. Do not misuse!??

3. Don’t miss payment due dates
Late payments will incur late fees, and in some cases, your interest rate will jump too. Sign up for online or phone banking to make sure you don’t miss payments.??

4. Don’t take cash advances 
Cash advances tend to come with high interest rates and service fees. Avoid at all costs says Dr McCarthy!

For more sound financial advice, check out Dr Susan McCarthy’s book at her website:http://www.drsusan.com/html/the_value_of_money.html

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