Credit card debt has almost become a modern day disease for the overwhelming majority of everyday wage earners. Marriages have been ruined by it, family bonds have been severed because of it, and lifelong dreams have been destroyed by its mere existence.
So what exactly are the causes of credit card debt? How does a person find himself drowning in perpetual credit card bills? There are several reasons for this. And what are some ways to head off each problem?
Possible causes for credit card debt. . .
Losing your job, getting fired, or being laid off are legitimate circumstances to fall into deep credit card debt. This becomes especially more harmful when the one no longer with a job is the only breadwinner for an entire household.
When you have medical problems they need to be resolved. If you wait, they will only get worse - and many times more expensive. Even when you thought you were living a healthy lifestyle, problems could still come up.
Family members not realizing the responsibility required for credit cards. If you are doing your best to curtail leaks in your budget, but your teenage kids or even spouse throws caution to the wind, you're in for some rocky times.
Shabby habits for spending will drive you into credit card debt faster than you could ever imagine. Uncontrolled and excessive consumer spending must be curtailed. You must realize, the allure of credit cards is that you don't actually SEE your money being taken. Since each transaction is done electronically, no visual proof can be seen of cash leaving your pocket. This invariably leads to the old and classic quote “out of sight, out of mind. " It is a hazardous notion to contend with. Just because you do not see something, does not necessarily mean it is not there.
Possible ways to keep credit card debt in check. . .
Check your ego at the door and stop trying to constantly keep up with the neighbors. Do not let your ego get the better of you by comparing yourself to your neighbor's lifestyle will lead you straight to debtor's row. If you see one neighbor with a new lawnmower, it is a sure bet you will see his neighbor the next week with a riding lawnmower instead of a regular mower that needs to be pushed.
Nowadays, save for not only a rainy day, but for weeks and months of rainy days. As much as you hate to admit it, the very people who birthed you into this beautiful world and brought you up know what they are talking about. When you receive your paycheck, being able to put away even just a tiny bit each time will do wonders for your financial future.
Use credit cards only for genuine emergencies. Unforeseen expenses like a flooded basement is a good time to break out your credit card. Water damage is astoundingly costly given the nature of its pervasiveness. It seeps into most everything it touches. Not only will you have to pay to repair the water leak's source, but you'll have to cough up enough dough to fix or replace damaged furniture and belongings.
Keeping your credit card debt under control will decrease the chances for future card troubles!
Glenn Medlin is nurse by day and a freelance writer in his spare time. He enjoys reading fiction, blogging and surfing the internet. You can read his other article on paying off credit card debt and also visit his website debtpayments.info