Having a plan may help you avoid debt or keep it manageable when money is tight.
When times are tough, credit card debt may be inevitable if you’re learning to manage credit or are forced to make risky financial decisions due to hardships.
If your circumstances allow it, consider alternatives before making credit card mistakes that make it difficult to bounce back. Senn’s grocery bill went from $125 per week for a family of six to $225. Trimming this bill isn’t an option since her husband has lupus and requires an autoimmune protocol diet. “It’s the difference between him thriving and being in daily pain,” says Senn.
2. Avoid relying on your credit limitTrimming your budget may offer opportunities to save that prevent you from relying on credit cards. Save what you can — even just $5 per week. An emergency fund is foolproof, but a credit limit can eventually max out or get slashed at the issuer's discretion. While a card’s interest rate depends on economic factors and your credit, some cards or institutions offer lower rates that may save money on ongoing balances. For instance, the national average rate on credit cards at credit unions was 11.21% in March 2022, according to data from the National Credit Union Administration.
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