Your #1 Credit Card Mistake

beer_tins

On an early stoozing card, forgetting when the interest free period ran out, so incurring a month's interest on the lot. More or less wiped out any gains from that one!

Credit cards are a good thing if managed properly though. I've got an Egg Money cashback card that is paid off in full every month, no problem. To those who have trouble managing their cards or dealing with debt, well you just need to get rid of the cards once paid off I'm afraid!

Jeffers90

Probably using it to pay for things when I was expecting to have more money a month or two later. You know - it either never comes, or when it does, you fritter it away & it never goes back on the credit card. That has got me in a whole world of trouble! I was also reading this article earlier: http://www.debtadvisersdirect.co.uk/Features/872/where-does-the-credit-go.asp which said that a lot of people are using their credit cards just to pay household bills and mortgages. How awful is that! I felt sick at the thought. Thankfully I have never been in that situation & hopefully never will be!

loveandlight

Many years ago in the days when people didn't go travelling around the world, I did. I paid all the cash I was taking with me into my credit card, so at the beginning of my travels I was several thousand pounds in credit.

By the time I got back, I was two thousand pounds over the credit limit!!! Why the card company didn't refuse me using the card while I was abroad, I'll never know but I did have a fab time and those memories will stay with me forever. It took me years to pay it all back again.

Bayblue

My biggest mistake was taking out payment protection (or not opting out) and finding out that in my hour of need, redundant after 24 years, they have/had so many restrictions that all the cover, which I had paid stupid amounts for over the years, was almost useless to me.:mad:

Still, I've cancelled the insurances now- that was an expensive lesson learned, I didn't have this site to study and learn from then, I do now!