Article by Jeremy M. Simon
1. Establish a budget and then follow that budget exactly. In other words, don't be tempted to charge that plasma TV to your credit card on a whim when you haven't budgeted for it this month.
2. Carry a credit card balance for no longer than six months. Beyond that point, the compounding of simple interest can produce a very expensive balance to pay off. If it helps, think of your credit card balance as a snowball that grows larger as it rolls downhill.
3. Know what you're doing with reward credit cards. Holders of these can end up spending more than the reward itself is worth if they don't pay attention to the fees and interest associated with their credit card.
4. Get a low interest credit card if your credit card's interest rate is excessive. The better your credit, the lower the rate for whichy you will qualify.
5. Be aware that balance transfer credit cards' teaser rates won't last forever. Six months is common now. The "normal" rate will return sooner than you think, so use that interest-free period to aggressively pay down balances.
Article found on http://www.creditcards.com/
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