9 Credit Card Mistakes to Avoid this Holiday Season
While you’re preparing for the holidays over the next few weeks, it may be easy to just throw all your expenses on the handy credit card. However, this strategy will most likely make you feel like Bob Cratchit after the holidays are over and the bills come.
In an effort to help keep your holidays cheery and bright, Lincoln Savings Bank
offers these nine credit card mistakes to avoid this holiday season:
Loading up on debt- this not only jacks up how much you pay in interest, but using over 30 percent of your credit limit can impact your credit score negatively.
Staying current on payments- 35 percent of your credit score is dependent on your payment history. Yes, the holidays are busy, but don’t forget to pay the bills on time.
Just say no- credit card companies try all sorts of sales pitches and gimmicks this time of year. Resist the urge and just say no!
Making only minimum payments- you’ll end up paying more in interest and increasing your debt loads, so always pay more than the minimum.
Opening too many cards- the discount you get for opening the card most likely won’t help when you can’t keep track of your spending because you have too many credit cards.
Not keeping tabs on spending- you can track your spending online, so there’s no reason you should be overspending with your credit card.
Saving credit card info on online shopping sites- this makes overspending easier because you don’t have to go through the process of getting your card out and entering the info. Believe it or not, this makes a difference.
Skipping credit card rewards- credit card companies often offer certain rewards during the holidays, so it may be worth checking it out.
When shopping with credit cards this holiday season, be sensible. Lincoln Savings Bank
wants you to be financially responsible, and these tips can go a long way toward that. Happy shopping and we look forward to seeing you soon!
Lincoln Savings Bank, member FDIC
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