Cacoethes Scribendi

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Credit Card Habits

The internet has a lot of tips on using your credit card wisely. I can only surmise that with the wave of people writing on wise use of credit cards, a lot of people with debt woes are googling to read these tips. In my younger days, I experienced credit card woes. At an early age of 22, I got an whooping 60,000 credit  card debt, an amount which is a lot more than my monthly salary. In short, I was living a life beyond my means. I do not know why my debt ballooned that huge.

I decided to fix my debt-ful existence and cut my credit cards. I paid for my credit card balance in 12 months, spending minimally during those times. I was elated when I paid out everything and had no debt for several months. Then, I got a new card but was fearful to use. I did not use my new card for the next 3 months after receiving it, until I realized that I have to teach  myself to use credit wisely and to my advantage.

Right now, I only have one credit card. I do not count my corporate card because I do not use it for personal expenses. My balance is within tolerable limit that can be paid in one month, if I want to. If somebody asks on how to use that piece of plastic, my first answer is use only one credit card and do not accept a high credit limit. Twice your net salary for a credit limit is all that you need.