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Things To Do After Clearing Your Credit Card Debt

Congratulations on clearing your credit card debt! You did it! So what’s next? It’s a very satisfying feeling to know you’re now debt free, but what can you do now to further improve your finances? Take a look at some suggestions on managing your money after becoming debt-free.

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Learn how to use credit cards wisely

While the last thing you want to do is rack up a whole new load of credit card debt, there are ways to use credit cards sensibly to access their benefits. From earning air miles and cashback on purchases, to learning how to spread payments the smart way, you can change your approach to credit card spending. Reduce your limits and pay your balances off in full each month to help you build up your credit score.

Put your extra money to good use

Now that you’re not making credit card payments anymore, you can put that money into something else to help you grow your assets for the future. Investing your money is a good way to ensure you don’t touch it, and could help you build up your retirement fund. To learn about the different types of trading available, you could view a forex tutorial, speak to a financial advisor or even begin trading online. Examine the options to see which investments are the right fit for you.

Set a new budget for yourself

In order to clear your debt, it’s likely that you’ve had to stick to a strict budget. Now that you’re not having to budget for debt repayments, you can adjust your budget to accommodate more luxuries that you might have had to do without. Create a new budget that helps you manage your outgoings, but lets you enjoy a bit more freedom than you’re used to. While you might have more disposable income now, it doesn’t hurt to have something you can stick to so that you stay in control of your money.

Grow your savings

They say that it’s better to clear your debts before you start saving. Now that you’re debt-free, you can put more money into your savings. Use your money to get on the property ladder or to save for your retirement, or even just for a rainy day! Making little savings every day will help you regain control of your finances and make it easier for you to develop better habits instead of relying on credit.


While becoming debt-free is something to celebrate, it’s important that you don’t go overboard and develop poor spending habits again. Keep the reasons why you ended up in debt in your mind to help you stay out of trouble. There are sensible ways to manage credit, and now you’ve freed up some money, you can look at building a stronger financial future. Set yourself some money goals to work towards to help you develop some great money management skills that will benefit your future.