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Part of the reason so many of us fall into serious credit card debt is the fact that we do not realise we have a problem until it has become serious. If you are still able to manage your credit card debt load, take some time to look at your situation carefully to determine whether or not you may be heading down the road towards credit card debt problems. Here are some warning signs to watch for:
Problems with Payments
You may think you are doing fine with your credit cards because you are dutifully making the minimum payment each and every month. This is a great goal, but if all you make is the minimum payment, you will always have credit card debt. The minimum payment does little to pay down your debt, because it barely covers the finance charge you added too the debt that month, particularly if you have a high balance or interest rate. If you cannot afford to at least double your minimum payment, then you are in trouble.
Reliance on Credit Cards
Credit cards should be used only as a tool to help your financial situation, not as a tool to get you things that you want or need but otherwise cannot afford. If you regularly turn to credit cards to buy things for your family, or if you cannot imagine going a month without using your credit cards, then you are relying too heavily on them. You are headed toward credit card debt problems.
Too Many Cards
When you get an offer for a great new card, do you instantly sign up? Do you have more than two or three cards in your wallet that you regularly use or that have balances on them? If you do, you have too many cards, and this can be sign of a debt problem. You may be addicted to spending with your credit cards.
Your Debt Is a Secret
Do you do everything you can to keep the credit card balances you have a secret? Does your spouse or significant other know how serious the problem is? Do you hide statements so that he or she will not find out? If you have something to be ashamed of when it comes to your credit card debt load, you probably have a problem.
Credit Card Balances
Are your credit cards maxed out? This can be a sign of a debt problem. It also has an affect on your credit rating. Do what you can as fast as possible to lower those balances and stop adding to them.
What to Do if You Have a Problem
If you decide that you have a credit card debt problem, start making changes. You need to stop spending and start paying down those debts. If this seems like an impossible task to tackle on your own, consider looking for debt counselling services. There are several free government sponsored options, such as the Rural Financial Counselling Service offered in rural areas by the Department of Agriculture. If you live in the city, look for government or charitable financial counselling services, and get the help you need today.
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