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How do you avoid falling back into credit card debt?

On Behalf of | Jun 29, 2021 | Bankruptcy

After filing for bankruptcy, one of the best things you can do for yourself is work on your spending habits, finances and budgeting. After all, the last thing you want is to fall back into debt after taking the painstaking time and effort to dig your way out.

But how can you avoid falling into credit card debt again? What are some tips you can follow to keep your credit score afloat and your life debt-free?

Change your view on credit cards

The Balance lists ways you can avoid credit card debt. First, they suggest changing the way you look at a credit card entirely. Most people treat it like borrowed money that they do not already have. They intend to pay back what they borrow later, even though they might not have the means to do so. Instead, view your credit card as a debit card. Only spend the money you have available and you will never struggle to pay your bill.

Keeping on top of bills

Speaking of, always pay your bill on time and always pay it in full. Paying only a portion of your bill is one of the biggest and easiest ways that people rack up debt. Before you know it, you may be thousands of dollars deep in unpaid portions of others bills. This will collect interest quickly too, adding to the deluge.

Be smart about your credit card, too. Never let anyone else borrow it. Keep in mind that you really only need one or two. Try to avoid drawing cash advances wherever possible as well, due to the huge amount of associated interest.

If you can do these things, then you should greatly lower your chance of falling back into debt.

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