A credit card debt is a revolving debt, borrowed frequently, subject to the capacity to repay within a set limit. They can be used indefinitely and are not secured. However, not making timely payments and accumulating credit card debt can seriously damage your financial health and credit score.

In case you don’t pay off the entire balance by the monthly due date, you accumulate credit card debt. There are certain tips to avoid credit card debt and take control of your finances. Using credit cards wisely is the way, and it includes making timely payments and keeping your balances close to zero if not zero.

Study the following tips devised to avoid accumulating credit card debts:

• Read the fine print
  It’s highly essential that you learn all the aspects of your credit card, including the terms and conditions and other guides. If the issuer has a website, go through it and make sure you don’t miss out on any information. Mastering the finer print will help you use your credit card wisely.
• Establish credit card rules
  Developing wise spending habits and sticking to them is one of the practical tips to avoid credit card debt. This should be followed at all times unless in case of an emergency. This means using your credit card for specific purposes only and not for anything and everything.
• Create your own budget
  Having your own budget and following it helps you save more in the long run. Include credit card spending into the budget and avoid the debt by setting a limit on how much you can afford to spend each month.
• Avoid unnecessary balance transfers
  This counts among the top tips to avoid credit card debt by steering clear of unnecessary fees. You should have a genuine reason to transfer balances from one card to another. Otherwise the balance can increase via balance transfer fees.
• Create an emergency fund
  There’s nothing more secure than having an emergency fund to fall back upon. When you don’t have any savings, you are forced to pay for major expenses through the credit card. This shoots up the debt and accumulates over time.
• Never lend your credit card to others
  It’s one of the worst mistakes you can ever do to accumulate the burden of credit card debt. You can’t control the way someone else uses your credit card, but you will be responsible for all the charges. If they can’t pay on time, interest accumulates and you have to pay off the balance.

The final word
While there are some useful tips to credit card avoid debt, you always carry the risk of accumulating too much debt. Hence, it’s very important to evaluate your lifestyle and make an informed decision about the areas where you can save.

Make a comprehensive list of all the needs and wants and make every effort to keep the wants to a minimum. This is where a major portion of your amount goes via the usage of credit cards, inviting increased interest in the process.