There is a saying that good habits if inculcated early on in life prove rewarding later on. Same applies to financial habits as well. When we are in our 20s we just enjoy our new found financial freedom and take to credit easily to fulfill all our dreams. Inadvertently, we commit certain mistakes too. Here are some mistakes that you should refrain from making if you have just stepped into 20s.
Maxing out credit card limit
Once you have landed up a job and money starts flowing into your bank account, flurry of credit card companies will offer you credit cards. This means now you can get yourself anything that you have denied yourself for years. In such a scenario, falling for them is no such big deal. However, maxing out the limit allotted on such cards can land you in trouble. Firstly, you would have no credit available when you really need it; and secondly, it would get difficult for you to repay such huge amount. As a result, you would have to pay the minimum due amount and leave huge revolving credit which will could put you in a debt trap.