In many ways, credit card debt can be worse then having a terminal illness and if caught early, you can get rid of both! You know of the early warning signs when your sick, but would you knowthe early warning signs if you were in trouble with credit card debt?
Knowing these warning signs could help avoid the stress and financial ruin that some people face when they are overwhelmed with credit card debt.
Recognize this fast, take action and do something about it!
Below are the top 7 early warning signs:
Sign #1: You can’t pay your credit card bill in full every month.
The rule of thumb is you should never buy anything on your card that you cannot pay back within 90 days. So what most people do is carry a balance, thinking they are “managing” the debt. The reality is they are lying to themselves. Month after month, year after year. The next time you pay your credit card bill ask yourself the question, “Why can’t I pay the bill in full?”
The obvious answer, “I don’t have enough money.”
If you gave the answer above,
red flags should be waving and alarms sounding.
Sign #2: Do you use your credit cards because you have to,not because they are convenient?
This mistake is like someone bopping you on your head. If you HAVE TO use your cards for thing like food, gas, pay a bill or some basic need, you got a problem my friend. Never should you have to fall back on credit cards to be there because there is no money in your bank account.
If you ever find yourself in this situation, WAKE UP! Your in deep trouble.
Sign #3: Do your credit card balances keep going up, not down.
People don’t seem to understand that numbers don’t lie. If after several months or years you look back and your debt has increased, something is wrong. The problem is one of two things and usually both. You’re either spending too much or not paying enough. Whatever the case is, you let your credit card debt get out of hand and there is no end in sight. You need help my friend.
Sign #4: You’re paying the minimum payment each month thinking this is OK .
This probably is one of the biggest lies people tell themselves. “Oh I make the payment on time every month and the creditor doesn’t mind, therefore everything must be great.”Hogwash! Of course the creditor doesn’t mind. Your following their master plan to get you in debt and to keep you there. This is called the credit card trap. Once your in it, it’s very hard to get out. If you always make minimum payments or only a little more, your in the trap and may not even know it
Sign #5: Your credit card debt is always on your mind.
Morning, noon, night, late night, middle of the night. You’re thinking how the heck did I get here with all my debt and how do I get out. Your stressed, your overwhelmed, you feel no way out. It’s affecting work, home, everywhere. Remember this, you are either in control of your debt, or it’s in control over you. If you think your in control, yet your still stressed out, you’re probably kidding yourself and you are NOT in control.
Sign #6: Transferring balances from one credit card company to another is common place.
Going from one card to another to get better terms is not a problem. The problem is you transfer the balance and never pay it down during the introductory period. If you are guilty of this then stop! In the long run you’re hurting yourself and sending a huge red flag to creditors that you are good at shifting your debt, not paying it off.
Sign #7: You have no idea how much debt you have or how much you owe every month.
Are you serious? You have no idea how much debt you have or how much you owe every month? This is one of the most biggest mistakes that you and your debt are out of control. If you’re hoping that someday it will magically go away by somehow just avoiding it, good luck. At some point in time your debt WILL catch up with you. When it does you are in for a world of hurt. Do yourself a favor and get help now before it’s too late.
So how any of the 7 mistakes are you guilty of? The truth is if you even have one mistake, your in trouble.
By calling the coalition for credit card relief you will overcome your debt and make it a thing of the past.