Easy credit has lead many people into a horrible debt trap so don’t be carrying more than one credit card at time in your wallet, and make sure it’s not at the forefront. Be sure to get sound advice on how to save up and cut down expenses. There are virtual forums, counsellors, financial advisors and well-wishers who will help you to make the right plans not get stuck in the vicious cycle of credit cards payments. Plan well and stick to it, there may times you may falter but don’t get run down and pick up yourself fast and go against the grain to step up your efforts to confront the situation and get out of the credit card debt cycle.

How to charter through

Checking your progress in sticking to the plan will be help you to assess if you are on the right track or doing something wrong or can be mad better by avoiding the expense altogether. You may got into the debt and it may take a while to sort it out. Keeping calendars for payments and remainders to pay them on time will get you through. The need to know that when your balances go unpaid there is going to be increase in the charges which will accumulate over time as you keep delaying the payment to be made. And you must know that these rates keep increasing every year due to the economic change in policies.

Here are some of the ways you could avoid the debt trap

• You could opt for credit card consolidation loan. It is basically a personal loan with a fixed interest rate which will help you consolidate your debt. This loan is unsecured and since the interest rates are much lesser than the ones that credit card companies charge you will able to make do with this loan. This loan can be used to pay off your high interest credit cards first if you ever happen to enter into the credit card debt. You can pay off the all the different debt using this personal loan and it will more manageable to handle the crises.
• You will have to see that a transfer of 0% is made on the Apr credit card so that you have no interest rate accrued till you make repayment of your debt.
• Using a personal loan calculator will help to see when you avail the personal loan how much can be consolidated with the help of the loan taken to get rid off the debt.

The credit cards need not be used for just spending but use them for the rewards or points that they provide. It should be used as financial tool for things like

• Airline tickets
• Buying fuel
• Hotel stays
• Free travel

The smart use of the cards will help you earn back every coin that you have spent, it’s a good way to earn some free money or freebies.

Having a financial plan is needed whether you are student, employed or retired with credit cards you will have to plan your expenditure meticulously. The wrong financial decisions can haunt you for very long time and it will be long before you recover and crawl back. Money can be earned as swiftly as it can be spent. So, make best use of what you have not enter into the debt trap.