credit card debt
Image Source: Freepik

Whether it’s shopping, food, or heading out to the spa – a lot of us rely on credit cards to ease our stress of expenses. When it comes to credit cards, it is mostly a substitute for easy money.


People who are living on a fixed source of income, having a credit card in hand is like having a magical key to all-time money access. However, a credit card is beneficial for solely those who are aware of using it wisely.

Most of the time, people trap themselves in credit card debt without even realizing it. Moreover, when it comes to crawling out of a debt trap, it is not everyone’s cup of tea.

So, let’s have a look at a few things you can try to avoid credit card debt:

1. Build a safety net 

Debt on credit card
Source/ Insider

Without access to emergency savings, a credit card might be your sole option to save you from a major car repair, medical bill, travel, or other unexpected expenses that may come your way.

You are starting from Rs. 1000 to Rs. 2000, if you continuously save a certain amount of cash each month – you might have something for a rainy day. You can build your emergency fund steadily over time rather than having to rely on debt to rescue you and have a burden yourself.

2. Stick to what you can afford 

Source/ Inc

Easy access to credit can be tempting when you spot items you want to purchase instantly, but in all honestly, you can’t afford it. While you might believe that you can quickly pay the credit overtime – the better idea would save up for things you want rather than putting them on credit and only swiping your credit card for purchases you can afford to repay instantly.

3. Avoid carrying multiple credits cards

Source/ Economic Times

It doesn’t matter how fancy credit cards can be, one should use them wisely to be on the safety boat, or you can very easily drown yourself financially with no one to take you out of that situation. When you have more number of credit cards, they can inflate your bill to the maximum extent.

Several credit card companies would tempt you to purchase a credit card on the back of your good credit history, but you can honor their request at your peril. So, you mustn’t fall into the lure of multiple credit cards to avoid the credit card debt trap.

4. Never miss a payment

Source/ Medium

You must stay on track with your credit card payments since it is one of the best ways to avoid credit card debt. Once you skip a payment, your next payment due will be a lot higher since you’ll have to make two payments plus pay the late fee. That can lead up to a difficult situation. It gets tougher to catch up, puts a strain on your budget, and tempts you to use your credit cards to make ends meet.

5. Understand your credit card terms

Source/ Credit.com

Your credit card agreement shows everything you need to learn about using your credit card and how interest will be applied, the fees you’ll be charged, and any other crucial things that may help you comprehend the future expenses that you’ll make from your credit card.

How to manage your credit card payments? Let us know in the comments below.

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