As a small business owner, you probably have a credit card (or several!). Once you have been approved for credit, the most important thing to do is to keep control of it. Credit cards may seem like a necessary evil to many small business owners and often times, it's true. Small business owners need to use credit cards to pay vendors, order products and supplies, and even to pay for daily operational expenses. Although using credit for these tasks makes sense, it's crucial to understand the implications of using your credit and what could happen if you over-use your card(s). Be sure to consult with your creditor about the intricacies of your credit accounts and follow the below steps to ensure credit card health.

Keep track of your spending Keep track of your card usage and review your monthly statements for any additional charges or interest rate increases when they arrive. Organize and Budget Your Monthly Bills At least 10% of your monthly income should cover your credit card bills and other lines of credit. Do not exceed your credit limit on lines of credit and credit cards Never let your credit card debt get to be more than 20% of your total yearly income after taxes. Have an emergency fund Keep at least a 15% of total credit available as a cushion in case of emergency. Pay what you owe Pay off your credit card balances each month. If you absolutely cannot do this, always pay at least your minimum monthly. Paying more than the minimum, or even the whole balance each month, will significantly decrease the finance charges you will have to pay on expenses you have charged. Make timely payments Pay attention to the payment due dates indicated in your statements. This will prevent possible payment delays to your creditor, of which repeated missed deadlines may result in adverse implications on your credit score and interest rates. Mail your payment, or schedule an online payment at least one full week before the due date. You may also want to look into setting up an auto-pay option to ensure timely payment. Stay in touch with your creditors Contact your lenders immediately if you fall behind on your payments. Most creditors are willing to set up alternative payment options, especially if you inform them right away of your situation. Educate yourself Once you are armed with information on how to maintain good, healthy credit, it's much easier and less stressful to make confident financial decisions. Get out of credit card debt Stop charging. If it means freezing or cutting up cards, do whatever it takes to stop using them and learn to live without them.