If you answered yes to any of the questions below, then you need to step back and take a closer look at your spending habits because you may be risk of damaging your credit and setting yourself up for financial difficulties.
Let’s take a few mintues and go back through each of the question on this page and talk about the potential risk that a “YES” answer presents.
No savings- unable to attain goals, a crisis or emergency may be devastating.
Reached the limit on credit cards- access to additional funds are depleted without obtaining additional credit, which in turn makes matters worse.
Making minimum monthly payments- paying excessive interest charges and the charged items “true total cost” are far more than they are worth.
Buying to feel good- immediate gratification, but does not solve problems.
Buying and returning- a waste of time and money.
Borrowing from savings- savings should be used for emergencies and achieving goals. If used for current obligations, it is not “saving.”
Exceed 20% of take home- in over your head with debts. Financial counseling assistance should be considered.
Denied credit- damaged credit history, over-extended, financial counseling assistance should be considered.
Let’s take a few mintues and go back through each of the question on this page and talk about the potential risk that a “YES” answer presents.
No savings- unable to attain goals, a crisis or emergency may be devastating.
Reached the limit on credit cards- access to additional funds are depleted without obtaining additional credit, which in turn makes matters worse.
Making minimum monthly payments- paying excessive interest charges and the charged items “true total cost” are far more than they are worth.
Buying to feel good- immediate gratification, but does not solve problems.
Buying and returning- a waste of time and money.
Borrowing from savings- savings should be used for emergencies and achieving goals. If used for current obligations, it is not “saving.”
Exceed 20% of take home- in over your head with debts. Financial counseling assistance should be considered.
Denied credit- damaged credit history, over-extended, financial counseling assistance should be considered.
