00:00A few things in life are as satisfying as tapping and going, but watch it.
00:04When times are tough, you may reconsider making these credit card mistakes.
00:08When debt is inevitable, it's important to have a plan to keep it manageable or non-existent at all.
00:14Change your budget.
00:15NerdWallet says to take a close look at those needs versus wants, especially with today's inflation.
00:20Don't rely on your credit card limit.
00:22It should only be your last resort that supplements an emergency fund.
00:26Maxing out your cards can result in your credit score dropping.
00:30CNBC mentions that only making minimum payments is a mistake as well.
00:34You should try your best to pay a larger amount than your minimum payment.
00:38Otherwise, debt will continue to pile up and you'll be paying for unnecessary interest charges.
00:43Have a payment plan in place before taking bigger expenses.
00:47And be consistent and on time with those payments, a.k.a. don't miss a payment.
00:52Another risky behavior is taking out a cash advance.
00:55Did you know interest starts accumulating on the amount of cash you withdraw immediately?
01:00Yup, there's no grace period.
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