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Using your credit card the right way can build your credit score

On Behalf of | Nov 4, 2018 | Credit Card Debt

While building your credit score takes time and commitment to careful spending, ruining your credit and destroying your chances of getting help from lenders can happen in an instant. One of the most significant risk factors to hurting your credit is accumulating too much debt that you are unable to manage effectively. At Rothschild & Ausbrooks, PLLC, we have helped many people in Tennessee to become more educated about their options for managing debt. 

When you apply for a credit card, you are given restrictions on how much you can spend. Spending your entire allotment is entirely okay if you can pay it back within the designated period that your creditor gives you. Overspending, mismanaging your funds and neglecting to pay back what you have used is a surefire way to destroy your credit score and any remaining opportunities to get credit approval in the future until you are eventually able to rebuild your credit score which will take significant time to recover. 

According to CBS News, experts recommend that you never have more than two credit cards at one time. It is also suggested that you pay for necessities using cash if you are uncertain of your ability to afford something you need to buy. Furthermore, living within your means is a critical part of avoiding unnecessary debt. Simply put, if you cannot afford something, do not buy it. 

When you understand how to use a credit card the right way, having one can benefit your credit score and increase your opportunities to receive help from lenders in the future. For more information about getting out of debt, visit our web page.  



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