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- Create a budget and stick to it
- Track your spending; incidental and impulse purchases add up
- Avoid opening a line of credit with unfavorable terms, such as a payday loan
- Pay off the total balance of your credit card bills within the grace period to avoid interest charges
- Pay bills no later than the due date noted on your bill. Late charges can increase your balance and interest may be charged. Retain your receipts to prevent problems, especially if there are inaccuracies on your monthly statement
- Be aware and check for changes in credit card terms, fees, etc.
- Do not apply for additional credit when you are having difficulty meeting current financial obligations
- Remove your name from marketing lists by calling 1-888-5-OPTOUT and eliminate the temptation of applying for new credit cards
- Pay high interest debt first
- Consider consolidating your debt
- Refrain from using your credit card for cash advances. The fees and interest on such transactions are higher than for credit card purchases
- Ask your creditors about special programs to pay down debt
- Prioritize saving vs. repaying debt
- Watch out for overdraft fees from your financial institutions and read the terms of your accounts before opting in to the program
Visit the Managing Your Credit and Debt Cards and Debt Collection and Your Rights, Credit Counseling and Debt Mediation Services , Merchandise Repossession and Payday Loans sections to view more tips.