9 imminent signs of credit card disasters

Canada, 20th August: According to Jim Flaherty, Canadian Finance Minister, Canada already has recovered recession losses and jobs. 

United States, 27th August: Do you think that use of credit card is just a convenient way to buy things and services? Well, be aware. For inappropriate use of credit card can spell big financial troubles for you.

Here are some warning signals—-

• If you have credit cards of different companies and you have reached maximum limit of the credit cards. This is a sure sign of the financial disaster that you are heading towards. So, it’s advisable to pay off your credit cards at the earliest.

• Using credit cards for basic things like clothes or food does not make sense at all and if you have been doing so in the recent past, then you need to change this habit to avoid any financial hassles.

• If you have a limited income but try to spend beyond your monthly budgetary limits, then it’s a big financial mistake. Remember, using a credit card to finance expensive or luxury items is not wisdom. After all, you have to pay them from your pocket, sooner or later.

• If you have been avoiding paying off the piling debt of your credit card is a sure sign of playing foolishly with your finances. If you don’t plan to pay off your credit card debts now, then you will have to keep paying for several years.

• For those of you who already have past due accounts for credit cards, you need to spare some amount to get the accounts of credit cards back on the track once again.

• Relying solely and heavily on your credit cards is extremely foolish. You must have some amount kept aside to be used in case of any unforeseen situation and not depend entirely on your credit cards.

• People who avoid making credit card payments by resorting to transfer of balances should not do so as sooner or later, they are likely to get caught.

• Avoid skipping payments of credit card bills. Rather, try to be regular in making the payments.

• You may pretend to ignore the statements of your credit cards, but you can never ignore the debt of your credit card because you have to pay it, so why not now.

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