Credit card spending can be hard to keep track off if you are not disciplined, but it is important to monitor your spending in order to stop yourself getting into huge debt. If you are having trouble keeping tracking of what you spend on your credit cards, then here are some useful tips to help you control your spending.

Take stock and stop spending

Before you do anything, you should stop spending on your credit card and look at the situation you are currently in. Whether you have virtually no balance or a large debt, it is important to see exactly how much you have spent. This is the first step to managing your spending.

Make notes on your spending

Once you know what the situation is, start using your credit card as you normally do and monitor your spending. Take notes every time you spend money on your credit card, and look at how much you spend and what you spend it on. By dividing what you spend into categories you can see the areas that you are spending the most money, and where you can cut back on your spending.

Transfer balances

If you have a number of credit cards, then transfer the balances onto the lowest interest cards if possible. This will reduce the amount that you are paying in interest on your balances.

Get rid of cards

Once you have paid off some of your balances, then you can get rid of some of the cards that you have. You should make sure that you have only one or two credit cards, as this will help you to more easily keep track of spending.

Create a budget

Create a budget for yourself that you can stick to. If you look at how much you earn each month, and the subtract all the essential bills and spending from that, you will see how much money you have left to spend on extra things. Make sure that you stick to this budget, as it will help you to spend wisely and not get into debt.

Bank online

Banking online can really help you to keep track of your credit card spending. You can easily check your balance at any time of the day or night, and can instantly see what you have spent daily. Also, you can transfer your bank statements into an accounts program to better help you manage your money.

Your credit score is a mathematical calculation done by the credit bureaus to determine your credit worthiness. A high credit score means you are a good credit risk; a low score means a lender will only lend to you if they charge you a high interest rate, or if you provide outside security, such as a car or a house.

A good credit score is important, because the better your score, the easier and cheaper it is to borrow. Even a one percent reduction in the interest rate on a mortgage can save you thousands of dollars in interest payments over the life of the mortgage.

How do you establish a good credit score? Follow these steps.

First, pay all of your bills on time. Never pay your hydro, phone or rent late, because that may significantly lower your credit score.

Second, if you are starting with bad or no credit, apply for a secured credit card. Since you are, in effect, prepaying for your purchases by putting up a security deposit, it is relatively easy to qualify for a secured credit card, and it is a good way to build towards a good credit score.

Third, check your credit report regularly. Errors happen, and if your credit report has inaccurate information, your credit score will be harmed, even though it is not your fault. Experts recommend that you check your credit report at least once each year, and before every major purchase.

If your credit score is not good, consider asking a trusted family member or friend to co-sign a loan for you (but be sure you can pay it back, or else your co-signor is liable for all of the payments).

Having a bad credit charge card and using it responsibly can help you get back on the path towards rebuilding your credit. Nothing speaks louder to the banks and credit bureaus than a strong, on-time payment history. Because of this, it is absolutely vital that you pay your bill on time and avoid late fees and other charges.

There are already plenty of other reasons to avoid having to pay late fees. Many banks have increased their late fees in an attempt to encourage people to just pay on time. Now it is not uncommon to find credit card companies with late fees as high as $50 for each time you're late. For many people the late fee might even be more than what your minimum payment would have been, not to mention the fact that if you're late you get stuck paying the late fee IN ADDITION TO that minimum payment!

Of course the best thing to do to stay out of this situation and potentially cause additional damage to your credit report is to simply pay your bill on time. Better yet, if you can get ahead by one payment, all the better.

One easy way to make sure you're never late on your payments is to enroll in online banking. Your local bank probably offers online banking and bill payment which allows you to schedule payments that are coming due to make sure they get sent on time. They'll either print a paper check or just send the money via Electronic Funds Transfer, but either way, you know it will get there on time.

You can also sign up with whatever bill payment service your credit card company has. Most companies allow you to setup payments that come right out of your checking account, either automatically paying the minimum each month whenever the payment is due or allowing you to go online and schedule the payment date and amount.

Another option most charge card companies offer is paying by phone. All you need is the routing number and account number from your checking account (found at the bottom of all of your checks) and the customer service representative can process your payment, usually that day or the next business day. They can even make it a rush payment if your bill is due so soon that you wouldn't have time to mail it in, saving you from possibly having a late payment. However it's important to keep in mind that charge card companies often times charge a fee for pay-by-phone service.

If you choose to send a paper check, be sure you include the payment stub and follow all the guidelines indicated by the bad credit charge card company. Usually these guidelines include things such as where to send the payment, when the payment will be processed (how long it takes after they receive your payment).

Another thing to keep in mind is that your bad credit charge card probably has a bit higher rate than a standard credit card, giving you more of a reason to not only pay the bill on time but also pay it off in full each month or at least every other month. That way, the impact of having a higher interest rate is minimized since you will rarely carry a balance.

According to statistics in a recent survey, less than half of those who apply for a credit card shop around at all. They either accept the credit card offered by their bank or another organization, or they fall prey to a credit card advert that lands in their post box. Is that any way to find the best credit card deal?

The question is rhetorical, obviously - but what's not rhetorical is the need to do a bit of homework before you apply for a credit card. The wrong choice can cost you thousands of pounds over the course of a few years.

Some wrong choices jump right out at you. If you can qualify for a low interest credit card, you'd be a plumb fool to apply for one with an APR of 34%. Keeping your eye on the average typical interest rates can help you avoid applying for credit cards that offer outrageously high interest rates.

Other times, though, it's not so easy to recognize which credit cards to avoid. As often as not, it's a matter of using a perfectly good credit card for the wrong purpose. Low interest balance transfer cards are a good example. Most people are drawn to low interest balance transfer cards because of the low APR on transferred balances. They usually carry a higher rate of interest on new charges to your card. They also usually apply your payments to the balance transfer first. That means that until your transferred balance is paid off in full, any new purchases that you put on the card will sit and accumulate interest - on which you'll pay interest.

Bottom line: avoid using a balance transfer credit card to make purchases.

Store credit cards offer some of the highest interest rates of all types of lending. Those high APRs are often hidden behind a special offer - pay for your purchase on a store credit card and get no interest for three months, or until the end of the year. Be careful to read all the fine print on those offers. It's not unusual for the no interest to be contingent upon having the balance paid in full by the end of the interest free period. If it's not, you could find yourself whacked with the entire interest from the date of purchase. Other things that may invalidate a no interest store card offer include late payment, going over-limit or missing a payment.

Bottom line: Avoid using a store credit card unless you use it for a special promotion - and abide by all of the stated terms.