Have you ever considered the possibility that you may have become a credit-card abuser? Well, if you whip out your credit card for every purchase you make without even considering the dollar amount, then it is likely that you have joined the growing number of consumers who have taken their ability to use credit cards over the limit. While this type of behavior might increase your level of debt, it certainly won’t lead to incarceration unless you begin to commit criminal acts in order to pay off your credit-card debts.
Nonetheless, using your credit cards more than you should might lead to financial trouble. Abusing your credit card privileges can lead to exorbitant amounts of debt. Coupled with the inability to pay off this debt, credit-card abusers can find themselves in a precarious position. As interest charges add upon unpaid balances and the spending continues, credit-card users face the possibility of not being able to pay off their debts anytime soon.
Fortunately, credit counseling is available for those consumers who want to seek help. These counseling agencies provide guidelines designed to show credit-card abusers how to regain control over their spending habits so that they can reduce their credit card debts. Some of these changes will be difficult to implement, especially for consumers who whip out their credit card for everything from coffee in the morning to dinner at night, each and every day.
Some of the signs that might indicate that you use your credit cards too much include:
– You no longer carry cash in your wallet;
– You have more than one active credit card;
– You use a credit card nearly every day to make a purchase;
– You cannot pay the full balance listed on any credit card;
– You are struggling to pay the minimum amount due on one or more of your credit cards;
– You are no longer embarrassed when charging amounts that are less than $5.00;
– You are experiencing problems in other financial areas of your life.
Once you recognize that you are abusing the privilege of owning a credit card, it is important to find a way to get your spending under control. While you can try to control your spending on your own, you might achieve better results by joining a self-help group or a credit-counseling agency. Overusing and abusing your credit cards is never a good thing, and in the long run, there’s a high risk that you’ll get into more trouble than you can handle. If you caught yourself doing most of the things listed above, it might be time to reconsider how you use your credit line.