Credit cards have become an everyday tool for people to make purchases and manage their personal finances. Check out these facts and tips from the American Bankers Association Foundation on credit cards: 

Shop around for the best card for your needs

• You will find a range of interest rates, rewards programs and terms.
• The interest rate, penalty fees, annual fee and grace period all play a factor in your total cost.

Pay as much as you can, as soon as you can, and always pay by the due date

•  If you do not pay your balance in full, pay the remainder off as soon as you can; do not wait for the due date.
• Keep track of your balance by checking it online or by phone.
• Take into account that interest accrued can put you over your credit limit.

To avoid paying your bill late:

• Schedule automatic payments online, mail payments at least one week before the due date or pay by phone (you may be charged a fee for paying by phone if it involves expedited service).
• Call your credit card company if you are going to pay late; they may offer alternatives.

If you realize you have a credit problem, don’t panic, but do act quickly:

• Make a budget and be realistic.
• Let creditors know you want to pay. They may help arrange a new schedule.
• Local Consumer Credit Counseling Services can help (800-388-2227).