People Are Getting And Carrying More Credit Cards

Category: Finance, Credit.

Keeping yourself trouble free with your credit requires a close eye on your credit report and asking yourself some difficult questions.

In order for you to stave off credit problems, you must be brutally honest with yourself. Sometimes it is harder to be honest with yourself than with a stranger. Getting into financial trouble is easier than ever nowadays. People are getting and carrying more credit cards. Credit card companies are competing harder than ever for your business. Just a few years ago most people only carried one maybe two credit cards. With so many cards on your person, it s real easy to get into trouble.

Now, it s not unusual for someone to have eight or nine cards on them. To keep yourself out of trouble you need to sit down and evaluate your credit situation. If you think you are in or heading for financial trouble, ask yourself: When you buy groceries is your credit card the only way you can pay? Do you really need that many cards? Are you borrowing money to make payments on existing loans? Are your credit cards at the limit most or all the time?

Are you being charged late fees on your bills month after month? (Don t have to be consecutive months) Do you have a hard time deciding which bills to pay? Can you only afford to pay the minimum each month? Do you spend 20% or more of your net income on credit card bills? Have you deferred going to the doctor or some other important appointment because you couldn t afford it? Do you have a second job or a lot of overtime to pay your basic expenses? Chances are that you or someone you know is now or have been in this situation.

Answer yes to any of these and you are either heading into or already in financial trouble. Although it may seem difficult to get out of this kind of trouble, it s not impossible. Then start looking for a way to stabilize and restore your credit. You have to recognize that you are in trouble and learn to cope. There are several options open to you. Try to get them to waive your fees and/ or lower your interest rate. Talk to your creditors and try to work out a payment plan that you both can agree on.

If you can t do that or think you need help you can hire a credit counseling organization. Bankruptcy is not to be taken lightly as it can stay on your credit record for 10 years. The last thing you can do is file for bankruptcy. This should be your very last option. Copyright 2007 Robert Hughes. Make absolutely sure you have exhausted all your options before you consider bankruptcy.

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