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How can online banking help me manage my credit?


Not only is online banking is convenient and easy to use, it can also help you exert more control over your finances.
Not only is online banking is convenient and easy to use, it can also help you exert more control over your finances.
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Today, almost half of all American adults use an online banking service [source: Cnet News]. In addition to convenience, online banking gives people new methods of credit management, debt management, as well as control over their personal finances. In fact, the majority of online banking transactions involve credit cards, and that number is growing [source: NetBanker]. Whether you're applying for credit, checking your statements, making a payment or working on a budget to reduce debt, online banking can help manage your credit.

Apparently we can use the help -- at the end of 2009, revolving debt (such as credit cards) for Americans totaled $874 billion [source: Federal Reserve]. The good news is, that represents a decline over previous years, but the fact remains that heavy credit card debt isn't healthy for individuals or the economy as a whole.

There are many ways to take control of your finances and start reducing your debt, but one of the best is to have greater access to your finances and gain a greater understanding of your spending patterns. This article will offer some tips on how to use online banking to accomplish those goals -- and help you reduce your debt in the process.