How to escape the credit card overspending trap

Escape Credit Card trap

You asked for freedom and you have been given a cr card. This card is the power to spend money whenever you want. Isn’t it a real pleasure and fun to own one and shop till you drop? But remember, it’s not all about spending but also about repaying. It’s not your money; it's somebody else’s money. To be blunt, it’s a ‘debt’ you have.

So handle CC with care and smartness. Let’s checkout few escape traps from these huge card bills that you get every month.

Don’t withdraw money

Remember CC is not Debit cards. They are ‘debt’ cards. Never withdraw money from the card because the interest rates are more than the normal transactions.

Better credit card deal

Try getting a better deal which has the least interest rates. Choose cards based on your expenses and your quality of living. Switch to simpler cards if you are unable to repay the amount that you have used.

Payback regularly

Don’t skip to pay regular installments. Get help if you are running short of monies to repay the amount. Ensure you are not accumulating the amount to close it all at once.

Don’t overspend

A well-known axiom reads ‘Err is Human’. You start doing mistakes by swiping the cr card thoughtlessly and from there on your mistakes are endless.

Keep away from Girlfriends

One big truth in a man’s life is never fight your girl and never lends her your card. Your credit card is a lot for you, but for your girlfriend it’s the ‘Genie in disguise.’

Stay away from the credit card

This cards work when you’re in need of money. Recall the philosophy, Out of sight is out of mind. The less you use the less you try to misuse it.

Escape the trap

This is the title of the article. Yes try to escape of the trap. Get professional help when you are struggling to repay the amount. Do not wait until the digits show weird numbers. This might make you feel dizzy.

Alluring cashback offers

Credit cards usually offer cashbacks on the total amount that you spend. Do not fall in the trap and overspend in the name of cashbacks. Limit. These bonuses are for new card holders and onetime events. So, limit your shopping to the amount you are certain to payback.

The Kiran Mehta is a Post graduate from the Napier Edinburgh University, Scotland and Freelancer Content Writer and Web Developer and one of the frequent visitors of Itzcash.com for instant payment.

Jenni Sands is a hospitality expert and advises visitors on Dubai's accommodation options and local culture.