Credit cards

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  • #2191

    What are some good rules of thumb for handling credit cards so as to not acquire debt? My husband and I just got our first credit card and we want to be wise with it.


    Hi Chelsea — Your question reminds me of first roommate in New York who put her credit card in a cup of water in the freezer to keep from using it too much. Guess that doesn’t work anymore with so much shopping online. The first and best rule of thumb is to pay it off every single month. It’s so healthy to spend only what you can afford and feels great. To make sure your credit score stays high, it is also a good idea not to spend more than 30% of your credit limit on the card in any given month. After a while, you can feel comfortable adding a second card, to ensure your spending stays low on both cards. Don’t ask me why but three cards, all paid off every month and only using 30% of the limit of each within any given month seems to be the magic formula for the highest score you can get on the credit card portion of your credit score. Let us know how its working?

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