In the book “On My Own Two Feet,” Manisha Thakor and Sharon Kedar, both chartered financial analysts, offer guidelines for responsible credit card management:

¢ Watch those interest rates. Credit card companies often lure clients by offering low interest rates in the beginning. But those rates tend to shoot up after the introductory period expires.

¢ Pay all your bills on time. Not just your credit card bills, but all your bills. Why? Because it’s legal for credit card companies to raise your interest rates if you’re late on other bills.

¢ Limit the number of cards. The danger of having too many cards is that it gets harder to track your spending. And the more bills you have, the higher your odds become of forgetting to make a payment.

¢ Say no to “add-ons.” A lot of credit card companies offer add-ons, such as disability insurance or account-monitoring services, but don’t take the bait. According to Thakor and Kedar, you don’t need them.

¢ Report stolen cards right away. If you report a lost or stolen card within 24 hours, you’re only responsible for $50 worth of charges.