Unbearable debt is certainly a disease. Unbearable debt can happen to the best of us. There are many symptoms that one needs to watch for. Here are a few danger signals that foretell the road to unbearable debt. This article is written so that you can recognize signals and correct your situation.
Your income is the same or decreasing, while your credit card expenses increases.
Stop using your credit card when this happens and manage with what ever cash you have available. If you can't pay for things with cash, then do not make that purchase. Leave the card at home. Do not take out any other lines of credit, even though it is offered to you. Buying too many things on credit is like eating too much candy. Actually, experts agree that the best use of credit is to create more money. If you have a business and can actually turn money over by use of credit card, then that's great. People usually make the mistake of using credit for frivolous vacations and clothes.
You have more than five - six credit cards.
You should not have more than two credit cards, idealistically. Keep the extra credit cards locked up for an emergency. It's easy to over spend. You'll find yourself with the “unbearable debt" disease, when you have too many cards
You're using your credit constantly for emergency payments.
When the emergency payments are things like grocery bills, forget it! You're in trouble. You should know that something is seriously not correct. Food is vital and you should be able to pay for it with petty cash or get it free with coupons.
Your credit card payments have you working over time.
When you find that you don't have enough money to pay your credit card payments, this obviously means you have reached the danger zone. The solution once again is to leave the credit card home. Spending with credit cards is a fashionable thing like smoking cigarettes. I'd rather be unfashionable than broke.
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