How you treat money does not depend on you because you learn it from your parents. Now children have a bad habit of spending money on whatever they want. They use credit cards to fulfill their unnecessary needs and in sometimes they use to fine payday loans. But you have to understand the side effects of credit cards before using it.
* Good management of credit card can be helpful to save you from any crisis.
– Pay your credit card bill on time.
– Leave about 30% of credit in your credit card limit so that it will transfer on the other month.
– Don’t cancel your account if it is not necessary.
– If you have more than one card then use it in a rotation so that your all cards remain active.
* You have to learn that how can you save yourself from large amount of debt.
– If you are going to purchase something then firstly you have to know about the interest rates of your credit card. Use the credit card with low interest rates.
– If you like to have more than one credit card then you should know that before any credit call they check your credit status and they have the permission to check it. Your bad credit status can make them to think that how desperate you are for cash. You have to save your image here.
* Make a usage plan before you start using credit card. Like if you have more than two cards then keep one of them for the emergency use. Making a plan can help you in problem.
* Make sure that which card you are using how much they charge you on your every purchase. If they charge you more than your budget then you have to pay it.
* Use of access of credit card can put you in some financial problem.
– Interest rate over plastic money always changes. It may increase and you may be in problem.
– If you have earn money then you can pay your bills, otherwise you have can just increase your debts.
– In case if you are in problem and not able to pay your bill then there are very few chances that you get any help from the bank or any other credit unions.
– In the emergency when you need the money then there is possibilities that payday loans can help you. Many payday lenders can help you in such situation.
If parents use credit card everywhere then they also want the same. They see that parents are using cards in shopping, restaurant, etc. They hardly see their parents using cash and that’s why they don’t understand the value of money. Some parents always give what their children ask for. They never say no to them. But only parents can secure the future of their child. You have to teach the difference between the need and demand.
Many instant payday money lenders admit that they see young children who apply for payday loan UK. They need instant money from instant payday loan lenders, not for their studies but need it to pay the rent, for their shopping, etc. Now you have to take a stand to save the future of your child. Teach them to earn money before spend it.
Teach them to make a relation between lifestyle and financial conditions. Credit card and instant payday loans can be beneficial for you if you use it in a proper manner.
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