How to manage your credit cards in 2023

With the current crisis, here’s how to manage your credit card and where you can get advice and guidance:

Set up automatic payments: You can set up automatic payments for your credit card through your bank or through the credit card issuer. This will ensure that you never miss a payment and avoid late fees.
Pay more than the minimum payment: Paying more than the minimum payment can help you pay off your credit card balance faster and save on interest charges.
Use your credit card responsibly: Only charge what you can afford to pay off each month. Avoid maxing out your credit card or carrying a balance from month to month, as this can lead to high interest charges.
Monitor your credit card statement: Check your credit card statement regularly to make sure that all the charges are accurate. If you see any unauthorised charges, report them to your credit card issuer right away.
Keep track of your credit utilisation: Your credit utilisation is the amount of credit you are using compared to the amount of credit you have available. It’s a good idea to keep your credit utilisation below 30%, as a higher utilisation can hurt your credit score.
Consider consolidating your credit card debt: If you have multiple credit cards with high balances, you may want to consider consolidating your debt onto one card with a lower interest rate. This can help you pay off your debt faster and save on interest charges.
Schedule your direct debit on your pay day – this can make budgeting for the month easier.

It’s always best to reach out if you’re worried about money.

Thousands of people seek help from charities and other companies that can offer free independent advice and guidance.