7 safe borrowing tips to keep debt in check
Use credit cards to float expenses
Maurer suggests charging all of your monthly household expenses on a credit card that offers a cash-back program. Then, maintain a higher balance in your checking account and use that to pay off your credit card debt in full just before your paycheck hits. This means your checking balance would be low for only a day or two each month before it picks back up.
"Over your lifetime, you'll be earning a bigger chunk of your monthly interest," Maurer says.
This idea only works if you pay off the balance every month and on time, and if you keep more income in an interest-bearing account than you have monthly expenses. Cecere says to be sure to use only one credit card. Multiple credit cards can get you into trouble.