Fix Your Finances 3.0: using credit cards responsibly

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INDIANAPOLIS, Ind.- It’s almost too easy to pull out your credit card and buy yourself something nice.

Fox 59 financial expert, Pete The Planner, says when it comes to money—the easy decision is typically the

Pete’s #1 rule for using a credit card:

Don’t buy something you don’t actually have the money for

“Don’t just assume—I should be able to come up with that money in the next 30 days,” said Pete The Planner.

Pete’s second rule for credit card use:

Try using your credit for emergencies only

“Let’s say something bad happens and you need $1700 and you don’t have $1700, a credit card is your lifeline,” said Pete the Planner.

Pete’s third and final rule when it comes to swiping your credit card:

If you’re looking to build credit using a credit card, open a secured credit line 

“It forces you to say what is a credit line—for most people it’s mystical free money, it’s not,” said

A secured credit card is one that requires the consumer to put down a deposit down with the company before opening the card.

Your deposit then becomes the limit for your credit card.

Another suggestion for responsible credit card use, try only putting one category of spending on your card (i.e. fuel, groceries, utilities).

This will (hopefully) prevent you from overspending.