(ThyBlackMan.com) Knowing the basics of credit card debt will make you fully aware of what to expect when things go wrong or when you cannot pay your bills.
Credit cards have a great impact on our lives. If we use credit wisely, we can expand our horizons, start a business, and not be in a deep sinkhole due to useless credit card purchases.
The following are the basics about credit card debt:
1. Huge credit card debt will not exist if you are taking responsibility for your purchases.
Here is one thing that we need to realize: We are responsible for our actions. It is our decision to buy that new maxi dress or purse and use a credit card 
to pay for it. Nobody pushed us to buy this and that and pay it off using our cards, right? The problem is that often we are not even conscious of what we are doing. So we end up waking up one day with a huge debt on our shoulders.
Never ever put the blame on other people, it is you who put yourself into this mess. You must take responsibility.
2. Paying in cash is much better than paying with a credit card.
The problem with consumers today is that they buy goods and services even if they do not have the money to pay for it. At least with paying in cash you do not pay more than the value of the item due to interest rates.
3. The credit card that carries the higher interest rate should be your first priority.
If you are confused as to which credit card to prioritize when it comes to payment, it would be the credit card that has the higher interest rate. It is because you will be paying more money in interest if you do not pay it off as soon as possible. Of course, you still need to pay your other credit cards but pay them at a minimum amount.
4. Never miss a payment even once; this will lead to more trouble.
This is one thing that credit card holders don’t realize. There is a big effect of not paying your bill on time even if it is only once. Paying late or missing a payment can lead to an increased interest rate and result in more of your money going toward the interest instead of the principal. Therefore, pay your bills on time at all costs.
Head Writer; Thomas Jones, Jr.
