Nowadays, instant gratification has become a norm. More and more people satisfy their instant needs instantly without even thinking twice about what they are doing. Get Personalized Advice on Credit Card from Kuber Mindz, Free Online Financial Advisory.
Media, advertisements and even plastic cards have contributed to instant gratification. Plastic cards like debit cards and credit cards have made access to money easier and simpler.
Credit cards have given the option “Buy now, Pay later” which has contributed to more and more debt among customers. Credit debt is a reality today. The reason is because people purchase all their sudden “wants” through credit cards.
Sadly people nowadays never understand the difference between “needs” and “wants”. Most of us have become greedy. Mahatma Gandhiji once said “The Earth has enough to fulfill mans need, but not mans greed”.
The difference between “needs” and “wants” is that needs are your basic requirement such as air, water, food, shelter, clothing and medicine while wants are nothing but desire for temporary material comfort.
Learn to make better use of your credit cards.
1. Select the card accommodating your expense requirements
Each card is different and so are the benefits, rewards and liabilities that come along. So determine your spending pattern and then look for a credit card that meets your requirements in an optimum manner. Best Interactive Financial Advisor
2. Purchase to the extent you can repay
Limit your expenditure, live below your means. Credit cards, if not used properly, can lead you to a debt trap. You ought to spend how much you can repay, nothing more than that.
3. Be regular in paying your bills completely
First of all, pay your bills in complete. No half payments. Secondly, be regular in paying bills. Don’t delay paying your bills.
4. Have a look at your credit utilization ratio
Credit utilization ratio is the proportion of total credit limit that you use. Credit bureaus consider a credit utilization ratio of above 40% regularly as a mark for credit hungry behavior so don’t go below that level. If you do, the chances of getting loans in future become less for you. If this occurs frequently, change your credit card. Insurance Online Financial Planner Advisory
5. Keep an eye on credit report
There are times when wrong information might be projected in credit reports. So analyze them regularly and get them corrected.
6. Keep lesser credit cards
Just one or two credit cards are sufficient. Otherwise, it increases your need to spend and also increases chances of robbery.
7. Try saving money as you transact
Cash-back and Reward points are offered by many banks. Keep track of deals and make use of such options.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.