After you've determined how much credit you can afford, follow these steps to manage it well:
- Know your loan's credit terms or the terms of your credit card agreement.
- Understand the terms of the agreement before you accept a loan or credit card.
- Set aside money each payday for emergencies.
- Set a monthly limit for charges and stick to it.
- Shop as carefully with credit as you do with cash.
- Don't take on more monthly credit payments than you can afford.
- Pay bills promptly to avoid penalties and to keep finance charges low.
- If you charge day-to-day expenses, make sure you pay down enough monthly to keep your debt or credit card from ballooning.
- Keep credit card information (including phone number of issuer) in a safe place in case your cards are lost or stolen.
- Keep copies of sales slips and compare charges when bills arrive. If there's a mistake, call your credit card company right away.
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