Your credit card can act as a valuable tool if you use it correctly. And using it irresponsibly will affect your personal finance management. Based on recent research and statistics, an average American family has about $7,200 credit card debt. The amount is rising per year even when a household struggles to clear the credit card debt and lessen financial pressure.
Based on a study conducted by Duncan Simester and Drazen Prelec back in 2001 named “Always Leave Home Without It.” The study revealed that people who use credit cards usually spend twice as much for a product. It’s because they are not shelling out cash. And this mismanagement results in financial negligence and credit card debt.
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Making the correct use of credit cards
There’s no need to give up on credit cards completely! You need to create a correct usage strategy and follow it. Make sure that you don’t abuse credit…
Source: Complete Sports