Danger Signals of Credit Card Debt
Sometimes it’s hard to admit that you have a problem with credit card debt . You might be telling yourself that only others fall for the dangers of credit card debt…but not you. You’re fine and don’t need help paying off your debt.
Before you make that claim, take the time to learn the danger signals of credit card debt. If your situation matches any of the below examples, you should consider talking to a certified credit counselor at Consolidated Credit Counseling Services by calling 1-800-320-9929.
- Your credit cards are maxed out and you're only sending in the minimum payment. Failing to settle your bill in full can lead to hefty finance charges. And if you skip a credit card payment you will be charged staggering late fees.
- An increasing amount of income goes to paying your debts. Only 10 - 15% of take-home pay should be spent on credit card debt.
- You're using one credit card to pay off another. Don't fool yourself into thinking you squaring away your debts. All you're doing is borrowing more money.
- You decide that your next trip to the doctor will have to wait. If you're jeopardizing you health because of money, it's time to reevaluate your credit situation.
- Bills are paid with money that was intended for other things.
- Money is borrowed or credit cards are being used to pay for items, which used to be bought with cash.
- Savings are used to pay current bills.
Still unsure on whether or not you need help with your credit card debt? Take our quick debt quiz and evaluate your current financial situation. Click here to take our debt quiz.
