Avoiding credit card debt: Have a plan

Avoiding credit card debt: Have a plan

RICHMOND, VA (WWBT) - If you are opening up your Apple pay several times a day or the Uber eats is coming by for three or four meals a day, you’re probably racking up a little bit too much in credit card debt.

Know the warning signs. Just because you aren’t using cash or a check, you have to eventually pay for what you are buying. That’s where people get into trouble.

The debt keeps escalating and you’re not really paying attention.

Michael Joyce with the Richmond financial firm Agili says the key is setting up and enforcing strict budgets. Joyce says to step back and think before you pull out your credit card.

“If you’re in a car show room or if you’re looking at a fancy jacket, you know don’t necessarily have to buy it that day. Go home and sleep on it and think about how you’re actually going to pay for it," said Joyce.

Whenever you put money on a credit card have a plan to pay it off right away.

The best thing you can do is pay it off every month before you incur any interest.

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