It’s hard enough to get that credit card debt down, but it might be a little easier if you know the dos and don’ts of what should go on a credit card.
We are stretching your dollar with three things you should never charge. It’s easy to get carried away – swiping the credit card, then you’re stuck with the bill and all the interest tacked on. So, let’s make it easy – the dos and don’ts of credit card spending.
Here are three things Financial Expert Clark Howard says you should NEVER put on a credit card:
1) Hospital bills: Those can be pricey. Don’t make it worse with interest. First, try to negotiate a payment plan. Unpaid medical bills also don’t hurt your credit score the way credit debt does.
2) Student expenses: You’ll pay a lot more that way, and we all know school is expensive enough.
3) Your dream wedding: It’s love, not luxury. Stay within your means and enjoy the party without the stress of the debt your marriage is starting with.
So what DO you charge?
1) Internet purchases. Credit Cards have protections if it turns out to be a scam or other problem.
2) The gas pump. Since it holds the amount for several days, it could cause a debt account to overdraft.
3) Restaurants: They have a high turnover of employees. You want protection in case your card gets in the wrong hands.
As you’re deciding what to put on a credit card, you also want to think about how important it is to pay your balance off in full so you don’t get charged a lot of interest.
If you’re not sure you can do that while you’re buying something, you may want to reconsider if it’s something you really need.