How you manage your credit card is important

Many people live on their credit cards and pay them off in full each month, banking the rewards points and other benefits, while others pay their banks huge sums in interest for privilege of using someone else’s money to buy the things they want or need.

The way you manage your credit card determines how much benefit you get out of it. Mismanaging your credit card can lead to big debt problems that are difficult to repay.

Financial planner Amanda Pond said a lot of people get a credit card and rely on it and that’s the biggest trap you can fall into. Others see it as an emergency backup if things go wrong.

Source: The New Daily