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Stop using Credit Card To Avoid Further Debt 

Due to the bad economical conditions and high rate of inflation people are forced to rely on credit cards and use it to make the both ends meet according to their living standard. It is a pity that most of the people do not use the credit card the way they should and the abuse of the card leads to the debt of thousands of dollars or sometimes the amount gets even bigger. The situation gets worse and worse and results in bankruptcy.

It is wise to stop using credit card before reaching such a situation and be careful about each and everything for you that you made a payment through credit card. Those who are thrifty and know the pros and cons of the card can manage it and use it for good but it is unfortunate that most of us do not possess these qualities and go on purchasing unnecessary things with thought that we will pay the debt in the long run. This misconception leads to serious economic effects and the lender sometimes may file take legal action against the debtor to get his money back.

Everybody knows his economic position well and should keep an eye on the debt taken through credit card and when it reaches to certain limit he or she should stop using credit card. This technique can be used with your monthly expenses also. You should plan your expenses and make a budget for the whole month and allocate resources according to the importance of each and every thing and than stick to this budget. Do not spend extra money on anything and also try to avoid the unexpected expenses by planning your budget carefully.

When you reach the limit you decided for your monthly expenses, it is time for you to stop using credit card. Allocate a handsome portion of your monthly income to pay the credit card debt so that it should not exceed the limit and become impossible to pay off. Do not leave the loan with a thinking to pay it in the future because the economical conditions are so uncertain that you cannot assess your economical situation even in near future. Moreover, the interest rate and the amount of the debt increase as the time passes and you are not so vibrant in the old age that you can spend most part of your income to pay off the debt because the responsibilities are increased to such an extent that you cannot afford to do this in future.

You should consult a friend or spouse to make it possible that you stop using credit card when you reach the specified limit and after that the card should be handed over to your trusted friend till the next month. Some people are using more than one credit cards issued from different lending agencies that are not a good idea as it can lead to more sever and unhappy results. The wise use of the credit card is necessary to avoid all the hazards of this blessing.

 
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