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6 Credit Card Mistakes to Avoid
If you’re a first-time credit card holder, the prospect of suddenly having a lot more money to spend can be extremely enticing.
Unfortunately, it can lead to some incredibly bad habits that can put you into debt faster than you can say “Visa.” Avoid the following mistakes to keep yourself from piling on debt, racking up interest, and damaging your credit score.
You Don’t Read the Fine Print
Congratulations, you’ve been pre-approved for a 0% APR credit card! Sound too good to be true? That’s because it is. While most credit card companies will offer you an amazing introductory interest rate, it’s incredibly important to read the fine print. That APR can skyrocket after the first few months, leaving you paying way more interest than you anticipated.
You Don’t Keep Track of Spending
Whipping out your credit card is easy and it’s hard for most of us to think about the future self who will have to pay the bill when it comes due. And that makes it easy to rack up huge amounts of debt in a very brief period of time. Make sure to have a budget for your credit cards and stick to it. Keeping track of how much you spend will save you a lot of heartache in the long run.