{"id":10763,"date":"2022-04-08T08:15:23","date_gmt":"2022-04-08T15:15:23","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=10763"},"modified":"2022-04-08T08:07:54","modified_gmt":"2022-04-08T15:07:54","slug":"dos-donts-credit-cards-and-managing-credit-card-debt","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/dos-donts-credit-cards-and-managing-credit-card-debt\/","title":{"rendered":"Do\u2019s and Don\u2019ts for Credit Cards and Managing Your Credit Card Debt"},"content":{"rendered":"<p>Although credit cards are a common and often convenient payment tool, even a \u201csmall\u201d balance can turn into a major debt problem faster than many people realize. From finding the right credit card to managing credit card bills, read on to learn do\u2019s and don\u2019ts to help you use your credit cards well &#8211; and some of the key ways to control credit card debt.<\/p>\n<h2><strong>Getting a Credit Card \u2013 What to Check<\/strong><\/h2>\n<p>One of the best means to ensure credit you have is used in the best way for you, is to understand how the credit works. Especially when it comes to credit cards many people get caught up in the potential rewards and convenience, forgetting about what can become problematic.<\/p>\n<p>From the get-go, when you\u2019re looking for a credit card (and virtually any other type of banking or borrowing product) aim to be a savvy and well-informed consumer by spending some time researching and comparing what\u2019s on offer so you have an idea as to what is right for you and your needs.<\/p>\n<p>The Financial Consumer Agency of Canada\u2019s <a href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/CCCT-OCCC\/SearchFilter-eng.aspx\">online credit card comparison tool<\/a> can be a helpful place to start. Here you can view and compare different credit cards, features, fees and more.<\/p>\n<p>Look closely at the terms and conditions of credit cards before making any commitments. Some key details to check into include:<\/p>\n<ul>\n<li>Interest rates (be certain to understand what may be only a temporary introductory rate!)<\/li>\n<li>Fees (annual or otherwise)<\/li>\n<li>Transaction and ATM fees, as well as foreign exchange fees<\/li>\n<li>Rewards and bonuses<\/li>\n<\/ul>\n<h3><strong>Secured and Prepaid Credit Cards<\/strong><\/h3>\n<p>If you\u2019re looking for the convenience of a credit card but prefer not to borrow, you may want to consider a secured credit card, or a prepaid card as alternatives to standard credit cards.<\/p>\n<p><u>Prepaid Credit Cards:<\/u> Prepaid credit cards are sometimes called \u2018reloadable\u2019 or \u2018pay as you go\u2019 credit cards, and you can often purchase them at standard retail locations like grocery stores or pharmacies.<\/p>\n<ul>\n<li>You\u2019ll load the card with your own money and as you use the card the dollar amount of your purchases is deducted from the balance.<\/li>\n<li>The card stops working when you\u2019ve spent the total and you can then reload it with more money.<\/li>\n<li>You can get and use a prepaid card even if you have a low credit score, and they aren\u2019t reported on your credit history.<\/li>\n<\/ul>\n<p>If you\u2019re aiming for a product that can help build up your credit history, you might opt for a secured credit card instead.<\/p>\n<p><u>Secured Credit Cards:<\/u> Secured credit cards are like a standard credit card in that you can borrow and then pay later, but the key difference is that you put down an initial deposit with the bank \/ lender.<\/p>\n<ul>\n<li>Your deposit often determines the amount of credit you\u2019ll have available, but in some cases, you\u2019ll be granted a higher credit limit than the deposit on hand.\n<ul>\n<li>It\u2019s important to understand that your deposit doesn\u2019t count as a payment on your balance.<\/li>\n<\/ul>\n<\/li>\n<li>Several lenders in Canada offer secured credit cards that report secured credit card information to credit bureaus, although not all will. Be sure to clarify this if it is a deciding factor for you.<\/li>\n<\/ul>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/how-to-better-manage-credit-and-debt-and-mistakes-not-to-make\/\">More on Managing Credit Scores<\/a><\/p>\n<h2><strong>Smart Credit Card Use \u2013 Do\u2019s and Don\u2019ts<\/strong><\/h2>\n<p>With standard credit cards always be aware that purchases will incur interest if you don\u2019t pay the balance in full when the bill arrives. The snowball effect of compounding interest can make the true cost of even modest charges very expensive. Here are some easy do\u2019s and don\u2019ts to use your credit card well:<\/p>\n<h3><strong>Don\u2019t Use Your Credit Card if You Don\u2019t Have the Cash<\/strong><\/h3>\n<p>There are of course reasons for using credit <em>instead<\/em> of cash; sometimes carrying a credit card is safer than cash, and you might be more likely to turn to a credit card for things like recurring payments and online purchases. Avoid a potential pile-up of interest costs though by not making credit card charges before you have the funds available for the purchases.<\/p>\n<ul>\n<li>If you\u2019re using a credit card for day-to-day purchases get in the habit of paying the balance when you get home.<\/li>\n<li>Particularly with a budget that doesn\u2019t leave much money between paydays, it\u2019s easy to end up over budget because money you\u2019ve earmarked for a credit card payment needs to be spent elsewhere in the meantime.<\/li>\n<\/ul>\n<p>Also, if you\u2019re trying to keep a close watch on your spending, you may find you pause a bit longer or even re-think some purchases when you\u2019re dealing with cash over credit.<\/p>\n<h3><strong>Do Use Cash for Transactions That Are Cash-Like<\/strong><\/h3>\n<p>Not all credit card purchases are subject to an interest-free grace period, so it\u2019s best to use actual cash (or debit) for transactions considered \u2018cash-like\u2019 such as:<\/p>\n<ul>\n<li>Cash advances and credit card cheques<\/li>\n<li>Wire-transfers or money orders<\/li>\n<li>Lottery ticket or other gaming transactions<\/li>\n<\/ul>\n<p>Not only can you be charged interest from the date of these cash-like transactions until they\u2019re paid off in full, but the interest rate at which you\u2019re charged for these is often higher than for regular purchases.<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/understanding-interest-rates-why-they-matter-if-you-have-debt\/\">More on Understanding Interest Rates<\/a><\/p>\n<h3><strong>Don\u2019t Be Swayed by Card Rewards<\/strong><\/h3>\n<p>It\u2019s easy to justify making purchases with credit over cash when you have the added benefit of getting rewards, points or bonuses &#8211; but using a credit card that earns points or even cash rewards might not be a good plan if you don\u2019t have the funds to pay off purchases right away before they accumulate interest.<\/p>\n<ul>\n<li>Reward program values are often near 1% of what you spend, and your interest costs are generally far higher if you carry a balance for even a single month.<\/li>\n<\/ul>\n<p>Pay attention to your habits and any emotions as you make purchases. Is the lure of rewards tempting you to overspend, impulse spend, or sway you on purchases you don\u2019t really need or want?<\/p>\n<h2><strong>Do\u2019s and Don\u2019ts for Dealing with Credit Card Debt <\/strong><\/h2>\n<p>If you\u2019re struggling to manage credit card bills or pay off credit card debts know that you are not alone. Sands &amp; Associates\u2019 Licensed Insolvency Trustees help clients struggling with credit card debt every day, and in recent Consumer Debt Studies <a href=\"https:\/\/www.sands-trustee.com\/blog\/2021-bc-consumer-debt-study\/\">credit card debt has been called out five times more than other types of problem debt by insolvent BC consumers<\/a>. Here are some tips to help you regain control of your credit card debt:<\/p>\n<h3><strong>Do Be Aware and Proactive Dealing with Credit Card Debt<\/strong><\/h3>\n<p>Treat all your card accounts as important, keeping track of account balances, purchases and payments.<\/p>\n<ul>\n<li>Don\u2019t skip any payments, nor make payments late.\n<ul>\n<li>This goes for all accounts, including things like cellphone and internet plan bills. Even though these types of bills may not all benefit your credit score, they can negatively impact your credit history if unpaid.<\/li>\n<li>A missed credit card payment can result in your interest rate being drastically increased.<\/li>\n<\/ul>\n<\/li>\n<li>Talk to your lender ASAP if you think you won\u2019t be able to make a payment as required. Especially where it\u2019s a one-time situation, you may be extended a deferral or other courtesy.<\/li>\n<\/ul>\n<h3><strong>Don\u2019t Get Caught in Unknown Credit Card Fees<\/strong><\/h3>\n<p>Lenders will not usually inform you if you\u2019re about to incur additional fees, the onus is on you the borrower to be knowledgeable from the beginning \u2013 and to stay on top of changing account terms. Common fees that can catch you unaware and add up to big cost may include, but not be limited to:<\/p>\n<ul>\n<li>Balance protection insurance<\/li>\n<li>Being charged a fee each time you take a cash-advance<\/li>\n<li>Over-limit fees for exceeding your credit card\u2019s credit limit<\/li>\n<li>Currency conversion costs for using your credit card out of the country<\/li>\n<\/ul>\n<h3><strong>Do Always Pay More than Your Minimum Monthly Credit Card Payment<\/strong><\/h3>\n<p>If you can\u2019t pay your balance off in full then understand that to pay off your credit card debt within a reasonable amount of time you will have to stay well ahead of the compounding interest. If you\u2019re only making minimum monthly credit card payments, it\u2019s almost certain you\u2019ll be trapped long-term in credit card debt. For example:<\/p>\n<ul>\n<li>If you only paid the minimum monthly payments on a credit card with a $5,000 balance and 18% annual interest rate, it would take almost 19 years to pay off and result in almost $4,800 of interest charges. It would take close to $9,800 and near two decades to pay off the original $5,000 debt.\n<ul>\n<li>See more using Financial Consumer Agency of Canada\u2019s <a href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/CCPC-CPCC\/CCPC-CPCC-eng.aspx\">credit card payment calculator<\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you\u2019re having trouble paying more than your minimum monthly credit card payments this can be a sign of financial troubles ahead. Another debt warning sign common in this situation would be if you are trying to pay off your debt but haven\u2019t been able to stop using credit for regular living expenses.<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/breakfast-television-tips-to-avoid-minimum-payment-trap\/\">More on The Minimum Payment Trap<\/a><\/p>\n<h3><strong>Don\u2019t Get Stuck in Credit Score Concerns<\/strong><\/h3>\n<p>Be cautious about taking on too many credit cards (or other credit products) or ones with too high a limit in an attempt to benefit your credit score. Having <em>some<\/em> diversity in credit products can favourably impact your credit score, but this needs to be balanced with considerations such as:<\/p>\n<ul>\n<li>Your risk of using more credit than you can afford to pay back<\/li>\n<li>Account balances getting too high to look good \u201con paper\u201d<\/li>\n<li>At some point having too much credit can negatively impact your score<\/li>\n<\/ul>\n<p>Debt is expensive \u2013 and it\u2019s never a good idea to take on more than you can afford to pay back. Even keeping borrowing to modest levels there are many situations or events out of our control that can make it difficult, if not impossible to pay back debt as intended.<\/p>\n<h3><strong>Do Seek Debt Advice from a Licensed Insolvency Trustee<\/strong><\/h3>\n<p>It can be difficult to reach out to a professional; many people want to pay off their debt independently, or simply feel too embarrassed to ask for help, but please know that you are not alone \u2013 and that you have options. Resources and supportive <a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/\">solutions to consolidate<\/a>, cut and restructure debt are available for individuals and businesses.<\/p>\n<p><a href=\"https:\/\/www.sands-trustee.com\/blog\/what-is-a-licensed-insolvency-trustee\/\">Licensed Insolvency Trustees<\/a> are Canada\u2019s qualified debt management professionals who can help you evaluate your situation without judgment and get you solutions to deal with your debt that suit your unique needs.<\/p>\n<ul>\n<li>Connect confidentially for a free one-on-one consultation to discuss your situation and determine all your options.<\/li>\n<li>From there you\u2019ll be able to make informed decisions and plan how you want to move forward, past the challenges of credit card and other debt.<\/li>\n<\/ul>\n<p><strong>No judgment, no cost, no pressure to commit to any process. Just expert advice and friendly support. <\/strong><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><strong>Book your confidential debt consultation with Sands &amp; Associates today<\/strong><\/a><strong> \u2013 virtual and in-person services are available for residents across BC.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although credit cards are a common and often convenient payment tool, even a \u201csmall\u201d balance can turn into a major debt problem faster than many people realize. From finding the right credit card to managing credit card bills, read on to learn do\u2019s and don\u2019ts to help you use your credit cards well &#8211; and [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":10765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[263],"tags":[38,39,37,49,53,298,117,120,100,242,43,204,35],"class_list":["post-10763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-debt-advice","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-consumer-proposals","tag-credit","tag-credit-card-debt","tag-credit-cards","tag-credit-counselling","tag-credit-counsellor","tag-credit-score","tag-debt-advice","tag-debt-consolidation","tag-licensed-insolvency-trustee","tag-sands-associates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt Expert Credit Card Do\u2019s and Don\u2019ts | Sands &amp; Associates<\/title>\n<meta name=\"description\" content=\"Credit card balances can be a big problem. 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