There are a lot of people today who are so deep into their relationship with their credit card. This leads people into a shock when they should have controlled their credit card usage. The fact is, credit cards can be abused and if you do not know how to handle it then do not get a credit card. It's that basic. Now, here are some early signs that you are going to get bankrupt.
First, you use your credit card as many times as you use your toothbrush daily. This is just for comparison's sake of course. This only means that you are so used to swiping that plastic card for almost all of your purchases. You should not be using your credit card for small purchases. It is a good practice to write down what you are buying and use cash instead of card. It is more practical though that you use your credit card for the big purchases that you have. This will help you to keep track of your credit card spending.
Second, you fail to pay your credit card bills on time. This is going to be a big problem for you since they have very high interest rates. When you do not pay for your credit card debts you will wake up one day and have this ridiculously large debt that you cannot pay just because of the high interest rates. This is the reason why you should pay for even the minimum amount monthly. This way you avoid the high interest rates altogether. Make sure that you also note the credit card cut-off date so that you can time your purchases in such a way so that you will have more time to pay for the puchase.
Last, you are shocked that you send half of your salary to the credit card company every payday. This is a sign that you are spending more than what you can afford. This is not a good practice for you since you will eventually run out of funds if you do not curb your spending. It is imperative that you pay your debts first before you buy anything else.
These are the early signs that you may go bankrupt. Hopefully, you can grab ahold of your spending and prevent bankruptcy. Just give a little bit of planning and discipline and you'll be fine.
Author Resource:
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