may think everything is going along smoothly. Youíre not in any financial trouble Authentic Nick Nelson Jersey , or so you think. You read the stories and watch the news reports and think, ďThatís not me. I donít have to worry! Iím not like those other guys.Ē But, can you be sure? Most of those ďother guysĒ didnít get into debt up to their eyeballs, lose their homes and cars, or find themselves in bankruptcy court on purpose. They thought things would be just fine Authentic Arden Key Jersey , okey-dokey-hunky-dory. They werenít like ďthose other guysĒ either.
So what happened? And how can you make sure it doesnít happen to you?
Donít let credit card debt sneak up on you. Know the signs of trouble and head it off at the pass before it can get its claws into you.
1. Using credit cards to cover essential needs. Your income should be budgeted so it covers the essentials Ė utilities, food, gas, etc. If you are managing your money so poorly, or are in such financial straits that your income isnít able to take care of the essentials necessary for daily life to function Authentic Brandon Parker Jersey , you may be headed into credit card debt trouble.
2. Youíre on the credit card merry-go-round. If youíre using one credit card to pay off another, watch out! If youíre opening new accounts with lower rates to avoid paying this monthís payment, watch out! Itís alright to open a new account to take advantage of a lower interest rate, but doing it too frequently can signal credit score reports that you might be in trouble. Doing it to avoid making your payments is a sign that you are in trouble.
3. You charge more per month than you pay off. This is a big no-no, and another sign that you could be headed into credit card debt. This means that not only are you not paying off your monthly balance Authentic Johnny Townsend Jersey , but youíre racking up more and more debt each month. Never charge more than you pay, even if you donít pay off your balance at the end of the month. The mounting debt will soon overwhelm you.
4. You donít have an emergency savings. Having a savings account for dealing with financial emergencies is not only a smart thing, but can save you vast amounts of large credit card debt. After all, cars do break down unexpectedly, health emergencies do arise Authentic P.J. Hall Jersey , and the plumbing never seems to fail when youíre flush with cash. Relying on credit cards for emergency contingencies isnít smart because the high costs associated with many true emergencies will stretch your budget even further than it already is, possibly past the breaking point.
5. You havenít planned how to pay-off what you already owe. By not planning, there is really no end in sight, is there? The credit card debt will stay there for who knows how long, causing you to unnecessarily pay higher amounts of interest fees and service fees than you should. Not having a repayment plan in place is one sure sign that trouble may be looming Authentic Kolton Miller Jersey , as you have no real control over your credit card debt.
Consolidated Credit Counseling Services (http:www.consolidatedcredit.org) is a credit counseling agency that helps consumers deal with credit, debt, and financial issues. Stay current with the latest money news.
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