Spot the Warning Signs of Excessive Credit Card Debt
Do you have too much credit card debt? What are the warning signs that your spending habits are out of control? This article will examine some important indicators that can tell you if you are on the road to financial disaster. Knowing what to look for in terms of excessive debt will help you to take action before your life spins out of control, leaving you miserable and stressed out.
Most families in the United States have some form of credit card debt
. This doesn't have to be a problem. You are still in control of your finances if you pay off your cards each month with more than the minimum balance or stop spending occasionally to keep things under control. However, many people are not in control of their spending habits and credit card companies make it all to easy to consistently spend while paying off a minimum amount designed to keep you in debt...well, forever!
Remember if you don't take control of your financial future you will always be in debt. There is no way you will ever get out of it if you keep spending. If you think you may be in credit card debt
that is excessive or uncontrollable read through the warning signs below to see if you need help. Answer the following questions as honestly as possible. Remember getting rid of your debt is a good thing. You owe it to yourself and your family. An interpretation is provided below.
Warning Signs of Excessive Credit Card Debt
1. You have no savings.
2. You only make minimum payments against your debt.
3. You used to buy things like food with cash but now use your credit card.
4. Most of your salary goes to pay off your credit card debt.
5. Your credit card debt is spread across several major credit cards.
6. When you pay off a debt you immediately increase your balance by the same amount.
7. Your credit card limit has almost been reached.
8. You write checks in the hope that by the time it clears your bank, you can pay your credit card debt.
9. You really don't know how much debt you have .
10. You make use of a cash advance on your credit card to pay other bills or credit card debt.
11. Your debt is so high that your card has been declined.
12. The option of making more debt has been denied.
13. Checks bounce due to excessive debt.
14. Credit card debt collectors are phoning you.
15. You hide your debt and lie to others about how much you are spending.
If you answered yes to one or more of questions one to six and no to the remainder you are not out of control yet but may become overwhelmed in the future. Take control of your spending habits now to avoid becoming a statistic. If you answered yes to one or more of questions seven to fifteen you are in credit card debt that is out of control. Only taking firm and radical steps will help you to take control of your financial life and your future. Start now! You CAN do it.
