Your credit card is an important tool for building credit, but it can lead to financial trouble. That's why it's so important to use your credit card wisely. If you misuse your credit or accumulate a mountain of credit card debt, you can end up in a financial hole that’s difficult to get out of.

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Follow these six steps to successfully manage your credit card balances:

• Figure out what you owe
• Identify your credit utilization ratio
• Prioritize your debt
• Create a plan to pay off your debt
• Pay more than the minimum
• Track your progress

How to manage your credit cards in 6 steps

Quick answer:

You can manage your credit cards by tracking what you owe, keeping your balances low, prioritizing high-interest cards, and paying more than the minimum.

Your credit card is an important tool for building credit, but it can lead to financial trouble. That's why it's so important to use your credit card wisely. If you misuse your credit or accumulate a mountain of credit card debt, you can end up in a financial hole that’s difficult to get out of.

Carrying balances with high-interest rates adds up and not making payments on time, can impact your credit score. This can then affect your ability to get loans or additional credit lines. If your credit card balance has reached a point that’s causing you stress, it’s time to take control.

Managing your credit card balance takes both patience and practice. Keep in mind that how you manage your credit card directly affects your credit score and credit report.

Follow these six steps to successfully manage your credit card balances:

• Identify your credit utilization ratio
• Prioritize your debt
• Create a plan to pay off your debt
• Pay more than the minimum
• Track your progress