Whether you're new to the credit world or you've being using cards for years now, there's one critical rule:
It is essential to pay off your full credit card balance each month to avoid mounting interest charges.
When you carry outstanding amount from one month to the next, the high interest rates will work against you.
While that is obvious, there are some lesser known poor credit card management habits that can cost you.
If you carry high debt in your credit utilization, it can hurt you. It will lead to a decline in your credit score.
With a lower credit score, you will find it more difficult to qualify for an affordable home loan.
With a high outstanding balance, you will find financing a new vehicle will be even more costly.
Getting loans or opening a new credit card will come with bad rates if your credit score is low.
Finding a good apartment to rent or even employment can take a hit with credit card debt in your portfolio.