As experienced bankruptcy attorneys, we know that people are forced to file for bankruptcy for many reasons. Though sometimes circumstances are outside of your control (sudden unemployment, high medical bills), one of the biggest reasons people are forced into bankruptcy is improper credit use.
If you are worried about the role a credit card is playing in your life, you can't afford not to read these tips on keeping your credit in your control. Avoiding credit when at all possible is the best option for most people. But, if you must have credit, follow these tips to ensure things don't get out of control!
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Keeping Credit in Check
Pay your balance in full. Sounds pretty simple, right? For many, this can be extremely difficult to do. When you only have to make a minimum payment, many people fall into the trap of racking up huge interest charges. Even worse, once you miss a payment (even if it's a mistake) your credit card bill will really start to soar!
Use online bill pay religiously. If you're concerned about forgetting to make your monthly payment, set up online bill pay to make sure it happens. Some people advise against online bill pay because you may end up paying for an inaccurate charge. While this can be corrected later on down the road, there's no recover option should you forget to pay. We recommend making a payment on your card from your checking account every time you log into your bank's website. These payments take about 10 seconds to do, and reduce the risk of forgetting to make that one big payment at the end of the billing cycle.
Don't close credit cards. When you close a credit card, it hurts your credit score. If you have a card that you don't ever use, make one small purchase on it every few months and pay it off in order to keep a good credit score. When you cancel a line of credit, your score drops, and it could hurt you when it comes to your relationship with the card company you do business with on a regular basis.
Limit your credit limits. Keeping a low credit limit is usually a sure fire way to staying away from bankruptcy. Low credit limits act as a safeguard to ensure that you don't overspend. However, you don't want to hit your credit limits. Maxing out your credit limits, even if you can afford to do so, doesn't reflect well on your score.
Keep your credit in check with these four simple tips, and you will greatly increase your chances of staying out of bankruptcy! Keep the debt to a minimum (ideally none), and you can enjoy a healthy credit life!
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