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Using Credit Cards For Money Management

Author : Marc Platters

Everybody manages to earn. The way one uses his or her earnings decided the economic condition of the person. A person spending more than what he or she earns will land up in a drastic economic situation. This makes it important for one to have effective money management skills. These skills help individuals keep a check on their income and expenses. It is very essential for every earning individual to resort to these skills because just earning and not knowing how to manage the money will put one in financial crisis. Also, when people borrow loan for personal reasons, it become necessary for them to mange it effectively or else it is wasted. Personal credit goes for a toss if proper money management is not followed.

Many people also suffer from low score. This is the outcome of improper money handling and investing without proper knowledge. If you too have low score and wish to get a better score for yourself, then you need to follow proper wealth management techniques. Keeping a track of the expense limits and your income will help you do this. Having a bad score means that you are in trouble but that does not mean that you need to be in this trouble always. You can get rid of this by using credit cards.

Credit cards help in money management and thus help you improve your score. Every card has a certain upper limit. This upper limit decides the amount you can use on that card. Always make it a habit that you do not use more than 80 percent of this assigned upper limit. If you exhaust it completely it leaves a negative impact on your score. Besides this another very important point is that always make it a habit to pay your credit card bills on time. A delay in payment is marked as defaulter late payments in your credit history.

If you have a bad score, opt for cards that provide this benefit to users even after having a bad score. These cards would have a higher rate of interest but will prove helpful in repairing bad credit. One you opt for this card, every month make purchase of around 100 dollars on this card. However, make sure that you have an equal amount in your bank to clear repay the borrowed money. In this way using the card and repaying the money on time will help you raise your score.

Thus by using credit cards you improve your personal credit score.

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Marc Platters is expert in providing information related to credit repair and would guide in getting business credit and personal credit.

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Tags:   credit repair, personal credit, business credit

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Submitted : 2011-08-30    Word Count : 450    Times Viewed: 767