Smart Spender Credit Tips: Using Credit Responsibly

Smart Spenders know how to use credit responsibly. Here are eight ways to ensure you can use credit without abusing it… or letting it abuse you

Smart spenders don’t run up debt just because they have the credit available

They know how much debt they can afford and stick below that amount

Not sure what you can really afford? Watch the Smart Spender’s Guide to Keeping Credit Affordable

Smart Spenders take time to read each contract and loan agreement before they sign anything

They know how interest, fees, penalties and payments are applied so they don’t get hit by unexpected issues they should have seen coming

Smart Spenders don’t let debts linger, especially when they can be paid off quickly

So they aim to pay off credit card balances in full every month or in as few billing cycles as possible

And they even check terms to see if loans can be paid off early if there’s no penalty for early repayment

Smart Spenders know it’s better not to hide from creditors if there’s ever a challenge with debt repayment

They call lenders and creditors to make arrangements when issues arise, like forbearance or temporary adjustment to the payment schedule

Smart Spenders don’t take having a credit card as a license to spend

They always comparison shop before spending and then shop with a list

So that means no buying on impulse because of a flashy sales display

Smart Spenders are also prompt about reporting lost or stolen cards in order to minimize the damage that can be caused by fraud

And if there’s any potential for identity theft, they know to do things like place fraud alerts with the credit bureaus

Smart Spenders only give out credit card information over the phone if THEY initiated the call OR if they’re certain of a caller’s identity

Because giving out information to the wrong people can lead to the added cost and hassle of ID theft

Smart Spenders only enter credit card information on trusted, secure websites

And they never enter card info after clicking from an unsolicited email that just shows up in their inbox

Those are just a few ways Smart Spenders use credit so it doesn’t cause problems

Watch all of the Smart Spender Videos to get even more tips on how to master credit and debt effectively so you can achieve stability