- Only apply for credit that you need. One, maybe two credit cards, with very reasonable limits based on your income, are all you should need. Pay them off in full every month.
- Keep all credit card balances well below the limits on all of your cards at all times.
- Reduce your monthly debt payments (excluding mortgage payments) to no more than 15% – 20% of your take–home pay. This will allow you to manage unforeseen financial challenges effectively.
- Keep credit limits reasonable – if you used or charged them all to the limit, you should be able to pay the full balance off within a year and leave it paid off.
- Pay more than the minimum payment due each month on a credit card and work on bringing the balance owing down. Limit your use of the card until it is paid in full.
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Credit can afford us opportunities that may not be available to us otherwise. Most consumers who purchase their first home need a mortgage. If you would like to book a vacation on-line, you usually need a credit card. However, in order to avoid burdensome and expensive debt, you need to plan how you will use credit responsibly within what your budget allows. Some things to keep in mind to protect your credit rating as well as your financial plan:
Women's Health Center provides abortion alternatives. We do not offer or refer abortions.