Credit cards aren’t exactly evil, but they can be if you let them. While they do facilitate a lot of things for us, sometimes they end up turning against us. When used irresponsibly, they can ruin your financial plans. And many times we find ourselves tempted to use them irresponsibly. Here are 10 sings you’re a victim of your credit card.
You have too Many
They’re not Pokemon, you don’t Actually have to Catch ‘em All! Seriously just think for a moment, do you really need all of those cards? The scary thing is that the more credit cards you have, the bigger your chances of getting into debt are. They affect your capacity to get bank loans and credit score all at once.
“Simply put, this is your card’s way of telling you ‘for the love of God stop spending and start paying!’”
You are Deeper in Debt than you Realize
Do you experience nausea, heart palpitations and insomnia just at the frightful thought that maybe you should shop on a budget? Then you have what we call ‘Compulsive Shopper Syndrome’. It’s a common hazard when you get attached to your credit card. Careful with that plastic!
Exceeding the Limit
Ever had your card rejected at the cash counter? Isn’t it mortifying, not to mention ironic how it happens in front of the wrong people? Simply put, this is your card’s way of telling you ‘for the love of God stop spending and start paying!’ This is serious business. To credit card companies you’ve turned yourself into a high risk client.
Hidden Fees
These sneak up on you when you’re not paying attention, and they’re disastrous. Sometimes it might seem like a good idea to withdraw cash on your credit card. It’s not, however, because you’re charged around 2% when you withdraw cash from an ATM. You also start accumulating interest!
“Increasing Identity theft today means you cannot take your paperwork lightly. Save your receipts”
Find yourself Swamped with Paper work?
Increasing Identity theft today means you cannot take your paperwork lightly. Save your receipts, check them with your monthly statement and wisely avoid being over charged! If you find yourself spending too much time doing this, then you have too many credit cards.
Your Purchases are Far More Expensive than they Seem
Many people think that the purchases they make cost exactly what they paid for. However, if you carry a balance, or miss a payment, your purchase suddenly becomes way more expensive than if you had paid for it in cash.
Not Reading the Fine Print
We know that some of you will complain that it’s just too small to read. Well, put on your reading glasses because this is important! In there, you will learn when the very low interest rate expires, the balance transfer fees, as well as any offer limitations.
“According to financial experts, it is much more difficult to pay off high rate loans and would be a lot easier to pay them off as quickly as possible”
Making Minimum Payments
Some think they’re playing it smart by paying only the minimum amount each month. According to financial experts, it is much more difficult to pay off high rate loans and would be a lot easier to pay them off as quickly as possible. Otherwise, they’ll accumulate and the interest will skyrocket.
Ignoring your Monthly Statement
It is the monthly statement that allows you to pay your bills on time and gives you the opportunity to say no to items you did not charge. So why would you ignore the one thing that will help you? In a plastic world, that piece of paper is your only friend.
Picking the Wrong Card
This ultimately ruins everything because you end up paying more than you need. If you have major payments to make like buying for a house, the right card for you is a 0% purchase card. A little research never hurt anybody.