Your Credit Card Guide this Halloween

It’s Halloween and you surely can’t wait to bust your credit card out for costume shopping. But before you do that, you might want to consider your credit card. Why? Because as much as it’s fun to shop, it’s not when you have to pay the bill- with interest later. Worst, you might spend money you don’t have which will lead you to either skipping payment or paying the minimum. Either way, you’ll get stuck in debt longer making your fun Halloween in to a debt nightmare.

So go slowly. Take in to account that the Halloween frenzy might drown you in debt- if you let it. Christmas is yet to come and you’ll want to be prepared for that as well. Here’s what you can do to make sure you have credit left for your holidays shopping.

Set a Limit

Set an amount to which you’ll only spend for the entire Halloween celebration. If you’re going to a party, set an amount for your costume. For example, if you set $100, look for costumes that are priced no more than that. This allows to think your choices through before buying since you only have a limited budget. That’s one practice to curb impulse buying. In addition, you’ll be forced to use creativity if your budget does not allow for an extravagant costume. When you have to use materials in your home to make your costume happen, you’re practicing frugality and practicality.

Use One Card

If you have multiple credit cards, use just one this Halloween. It’ll be easier for you to track your spending by the end of the month plus you won’t get as confused with the bills come due date. Using one plastic will also make you more aware of your spending. Because of your limited credit line, you’ll most likely to consider spending wisely. Make sure that you choose the credit card debt. Choose the one you can get rewards out of or the one with the lowest interest rate.

Pay on Time and in Full

The worst contributor of uncontrollable credit card debt and bad credit rating is not paying on time. Interest rate is already enough reason for you to be wary. But getting behind on payments can quickly add up to your existing debt. You’ll be fined with late charges and other extra fees for your tardiness making it much harder for you to pay back. This will never stop accruing until you pay in full.

So go easy with shopping this Halloween. As much as it is fun to go all dolled-up to all the parties, practice control with your spending. No costume or party can ever compensate if your credit rating is to go in ruins.