It is really worthwhile to make sure that you have a plan on repaying store cards when you have them. This is because there are consequences for not doing so. You will be charged interest if you do not repay the cards in full. Some people will not mind and will think that it is okay to pay interest and to owe money. However, this does put up the cost of the things that we buy and so it means that we will need to think carefully about whether this is really a good idea. If we use the card and repay the full balance when we get the statement, then we can take advantage of the interest free credit we get before the card has to be repaid and any other benefits that there are of using the card. However, we will need to take care to make sure that we will be capable of repaying it.
Keep a Close Track of What you are Spending
It is really wise to keep a careful track of what you are spending on the card. This will allow you to make sure that you are not spending so much money that you cannot afford to repay it. If you can keep a track online that could be helpful if you like online banking or you can just write down what you are sending. It could be wise to set yourself a budget so that you only spend the money that you can afford, even if it is quite vague it will be a handy thing to do.
Prioritise Paying off the Cards
It is a good idea to make sure that you prioritise repaying the cards. There will be other things that you also have to pay for that you will also need to prioritise. This would include other loan payments, rent or mortgage, insurance, contracts, utilities, food etc. Try to identify the things that you have to pay for and pay those first. This will hopefully allow you to have enough money to cover everything that you need to buy without any worries.
Consider Spending Less
It can be worth trying to reduce your spending, even on those necessary items. This is possible because you might be able to change providers or retailers and still buy the things that you normally buy but just pay less money on them. This will need to be done careful of course, as you will still need to make sure that you can get good value for money.
Stop Using it
If you have some debt built up on a card then you might want to consider not using it for a while. It will be harder to repay a card if the debt keeps growing. Therefore, just not using it until the debt is repaid could be a really good idea. It might be hard to do this, but it could make a big difference.
Look into Ways to Earn More
You might find that it is a good idea to think about some ways that you might be able to earn more money. This will allow you to have more money, that you will be able to put towards repaying the card. It could be tricky to fit in more work, but there are lots of ways that you can increase your earnings. You could even try some work at home, such as selling things you no longer need, trying to earn money form your hobby or doing some freelance work online. Although these are unlikely to pay you as much as you job, the convenience of being able to do it from home could make it worth it.