Credit Cards
recommended by
our experts

Get Cards
Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

Three Mistakes You Might Make After Getting Out of Debt

[March 23rd, 2014]

If you’ve ever had credit card debt, you know how heavily it can weigh on you. It may have felt like you would never get out of debt—that your balance due was a mountain you’d never stand on top of.

But slowly, you chipped away at that mountain of debt. Maybe you transferred a balance to a zero-APR balance transfer credit card or worked with a financial planner to create a paydown plan. Gradually, the balance become smaller and smaller until the day came when you were officially free of credit card debt.

Whether you are still in the midst of paying off your debt, haven’t yet begun to pay it down, or have already paid your credit card balances in full, three common credit pitfalls await you. Read on and find out how to avoid them.

1)     Closing your credit card accounts. Many people celebrate the day they get out of debt by calling up their credit card issuers, closing their accounts, and cutting up their credit cards. They vow to never buy anything on credit again and want to make sure they stick to their promise. The problem with this is, when you close your credit card account, you cut short your credit history. Credit history counts for about 15% of your credit score, and having a good long one is an important component of a healthy credit score. The credit cards you’ve had the longest are the ones you want to hold on to. In fact, it’s a good idea to keep all your credit accounts open. The more credit you have available, the better it is for your debt-to-credit ratio. When you’ve got zero debt, the higher your total credit line, the better. So leave those accounts open and keep them in good standing. Your credit score will benefit in the long run.

2)     Never using credit cards again. Not quite as bad as closing accounts and cutting up cards,  butneglecting to use your credit cards can also be a big mistake. The expression “once bitten, twice shy” applies to many people who have gotten into debt and worked hard to pay it off, but they would do well to embrace the expression, “you’ve got to get back on the horse” instead. For one thing, a credit card that’s never used might be closed by the issuer—see above for why you don’t want that to happen. And f you never use credit, you’re missing out on a useful financial tool. Credit cards can help you afford big purchases that you need to pay off over time. Using a low-APR credit card to help finance your home remodel or your holiday shopping is not only smart, it can be rewarding. Try a cash back or frequent flyer rewards card and reap the benefits of credit card rewards.

3)     Getting into debt again. Once you start using your credit cards again, it can be tempting to fall back into the bad habits that led to your original debt problems. Avoid this by making a budget and sticking to it. Keep track of your credit card spending and pay off your balances in full each month, unless you have a plan for paying off a high-ticket item with a low-APR card. Don’t use credit to make purchases you know you can’t afford, and don’t use your credit card as an emergency savings account.

Following these guidelines will help you have a happy, healthy relationship with credit—now and for years to come.

Share Opinion:   digg   Furl   YahooMyWeb   Propeller   Reddit   Google
[July 20, 2018]
A new credit card from Hyatt Hotels Corporation and Chase Card Services will offer members 9 bonus points per dollar spent at Hyatt, double bonus points at restaurants and on eligible airline ticket purchases, double points at fitness clubs, and double points on local transit and ride sharing servic...
[June 19, 2018]
Although more people are using mobile wallets and moving away from using cash or credit cards as their go-to payment method, consumers have still shied away from using virtual credit cards for the majority of their purchases. But companies like Switch, Inc. are hoping to change that.

“Until now...

[May 19, 2018]
If you’ve ever had trouble making – and sticking to – a budget, you’re not alone. A recent survey showed that while 92 percent of Americans believe everyone needs a budget to keep their finances in order, only 70 percent are actually practicing what they preach and maintaining a budget.


* The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.
Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.
We do our best to maintain the information accurate at However, all the credit cards information is subject to change and presented without warranty. See the up to date credit card terms and conditions on the secured credit card application page. Note that may be compensated by credit card issuers when visitors apply for a credit card through the links on this website., an independent, advertising-supported website, receives compensation from the companies whose offers appear on the site. This compensation impacts where and how credit products appear on our site, including, for example, the product listing order in which they may appear on separate pages. does not present or review all available credit or financial offers.
Disclosure: Not an access card.