Tips From 4 Pillars On Managing Credit Cards

The debt consultants at 4 Pillars work with individuals and couples of all ages and in all income brackets. One of the factors that tend to be an issue in the development of debt is the use of credit cards.

Of course, as 4 Pillars debt consultants can tell you, credit cards are not the issue. It is the fees, interest, and penalties that build up quickly if the individual is not able to pay off the cards on a monthly basis. These fees and penalties become even more of a problem with missed or partial payments, and they can turn a small amount of debt into a mountain of debt in a very short period of time.

To avoid credit card debt issues, our staff at 4 Pillars recommend the following proactive tips for credit card management:

• One or two cards – avoid having multiple credit cards for everywhere you shop. Instead, use one or perhaps two cards for all of your credit card transactions. This makes it easier to track spending and to avoid missing a payment.
• Set up autopay – using the autopay feature for online bill payment of credit cards eliminates the risk of missed payments and penalties. You can choose to pay the entire balance or the minimum payment per month using this feature.
• Pay more than the minimum – even with autopay set to minimum, try to add to the payment over the month. Even a small amount over the minimum provides savings in interest over time.
• Check interest rates – compare interest rates on credit cards and choose the lowest rate. Check back with the credit card company if your credit score improves or if you have a solid payment record to see if a reduced rate is available.

For more information on credit card debt management, talk to our debt consultants at 866-690-3328.