A lot of us are in denial about whether we have a problem with debt and credit management. If you’re making your payments on time or if you have a reasonably high income, you might not realize you are in a danger zone in terms of your debts and bills. But don’t be fooled. You have too much debt or are mismanaging your credit if any of the following apply to you:
You are maxed out on any credit cards – or very close to your limits
You use credit card checks to pay for other credit card bills
You skip payments you can’t afford
You don’t even know how much debt you owe in total
You switch cards to get lower interest rates just so you can afford the minimum payments
You argue a lot with your partner about bills
You lose sleep or feel stressed out over your debts
You get turned down when you apply for new credit
You receive phone calls from creditors or bill collectors
You need to use credit for everyday purchases like gas or groceries
You have a low FICO credit score because of the debts you carry.
If any of these symptoms describe you, trust me, you are likely operating in a danger zone with your credit cards and your debts – even if you don’t yet realize it. Start making a plan TODAY to get rid of excessive credit card debt, or read my book, ‘Zero Debt,’ to learn how to become debt free once and for all.
The Federal Reserve Bank of New York's Center for Microeconomic Data today (November 15, 2022) issued its Quarterly Report on Household Debt and Credit . The Report shows an increase in total household debt...
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.