It can be easier than we realize to fall into debt. Sometimes, debt can creep up on you in just a month or two of inattention. You forget to pay off your credit card balance for a month or two, and the next thing you know, you’re carrying a credit card balance on an ongoing basis, making only the minimum payment month after month, and wondering how you will manage to climb out of the hole.
You can sidestep this pitfall by setting up autopay on your credit card now.
Set up monthly automatic payments so you will never incur late fees or penalties. You have a lot on your plate, so why not take paying your credit card bill off your monthly to-do list? Set up automatic payments of at least your minimum payment amount to permanently eliminate late fees. Bonus: A record of on-time payments will help build your credit score.
Schedule automatic payments to cover your entire statement balance every month. Credit card debt is one of the most expensive kinds of debt you can carry. If you revolve credit card debt from month to month, chances are, you’re paying handsomely in interest for the privilege of not paying off your entire debt immediately. Just say no!
Really want to avoid credit card debt? Keep your credit card balance as close as possible to zero as possible - all month long. In a perfect world, you’d always know exactly how much you had in your checking account and you’d never charge more on your credit card than you could afford to pay off in full by your due date. But most of us don’t live that way, and just a few weeks’ worth of inattention can find you at the end of the month faced with a balance you can’t afford to pay off.
Don’t give debt a chance to snowball. Pay off your credit card multiple times throughout the month, so minor expenses here and there have no chance to sneak up on you and hit you with a huge credit card bill on your due date.
If you’re a Jasper customer, you can even automate this strategy. Just pick the Avoid Debt autopay option in the app. Payments will be made automatically, as often as needed throughout the month, whenever your balance hits the dollar amount you select. You’ll save yourself time and stress, avoid debt, and yes, you’ll likely also build excellent credit.
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