On The Road To Debt: Signs And Symptoms

By Author: Rama Charan
Total Articles: 10
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Typically, debt doesn't just happen overnight. In most cases, it's the result of consistent bad spending practices. The sooner you recognize these practices, the better off you'll be. Here are some practices that should raise the red flag:
1. Spending more money than you make. It's so easy to do this. You may not even realize it until it's too late. You might be dipping into your savings here and there, thinking it's just a little bit, or borrowing from friends and using credit cards. Eventually, your savings will be gone, your friends will be tired of lending you cash, and your credit cards will be maxed out.
2. Relying on money you don't even have. Using credit cards and loans to pay bills and make other purchases is a recipe for disaster. Your paycheck doesn't even make a dent in what you need every month, but you're o.k. with it because you have a system that you've worked out with your credit cards. This will catch up with you very quickly if you can't pay off your credit card bill each month.
3. Using credit cards for everyday purchases. Paying for groceries, gas, entertainment, and clothing ...
... with credit is a sure way to get into trouble. You may rationalize that it's just more convenient, you get points on your card, and you'll pay it off when you get the bill, but it takes a lot of organization and control to budget your money this way. More often than not, it doesn't work out and you can't pay off your bill each month.
4. Using credit cards when you have cash. A habit like this inevitability leads to debt. Having the mindset of wanting something, but not wanting to pay for it will contribute to debt accumulation because you still won't want to pay for it when you get your bill. Getting into the habit of using cash will help you be more discriminating in your purchases as well as distinguish between a want and a need.
5. Using credit to pay off other debt. Sound familiar? Shuffling debt around from one credit card to another only increases your debt each time and puts off the idea of actually facing your financial problems. This behavior can cause a lot of stress too.
Recognizing these spending habits and avoiding them can help you steer clear of the road to debt.
About Christian Credit One, Inc.
Christian Credit One, Inc. is a national, non-profit Christian Credit Counseling organization dedicated to helping consumers achieve financial wellness through Christian credit counseling and education. Established in 1994, Christian Credit One has helped over two million individuals achieve financial security. Christian Credit One is one of the top members of the American Association of Debt Management Organizations (AADMO), Christian Credit One manages clients across the country. Personalized and confidential consultations are available in person, by phone or online. Visit Christian Credit One or call 888-767-9155.

Greg McTaggart, Certified Credit Counselor with 22 years experience, licensed by AFCPE, Director of Christian Credit One and is an expert in budget and Christian credit counseling Having the combined experience as a licensed Real-estate salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the Cincinnati Credit Executives, Mortgage Assistance Counselor and Spokesperson of the radio talk show The Money Mentor, Greg McTaggart is a qualified Christian Credit Counselor to help you.