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Detailed explanation-1: -But the more of your card’s balance you can pay off, the less you’ll have to pay in interest charges. Paying your balance in full every month, if you can manage it, will provide you with the convenience and other benefits of a credit card, at the least cost.

Detailed explanation-2: -Myth: Carrying a balance on my credit cards will improve my credit score. Fact: Paying off your credit cards in full every month is the best way to improve a credit score or maintain a good one.

Detailed explanation-3: -You can use your cards more frequently once you have your debt paid off and know how to avoid new debt. As long as you pay your balance in full and on time each month, there is nothing wrong with using credit cards instead of carrying cash, or in taking advantage of rewards like cash back or frequent flier miles.

Detailed explanation-4: -When you pay your credit card balance in full, your credit score will improve. A higher score means lenders are more likely to accept your credit applications. They will also offer you preferential borrowing terms, like lower interest rates and higher limits.

Detailed explanation-5: -Paying your credit card bill when the monthly statement comes is a pillar of responsible credit card use. But you’re not limited to a single monthly payment. Making smaller payments more often has benefits you may not realize. And all major credit card issuers allow you to make mid-cycle payments.