Are You Heading for Trouble with Your Credit Cards This Holiday Season?

Are You Heading for Trouble with Your Credit Cards This Holiday Season?

December 03, 2018

The holidays are here and so many of us will be enticed by all of the sales that will pop up until the first of the year.  Then, in January, the credit card statements will arrive and we will suddenly realize the damage that was done over the holidays! Don't get caught up in the hype of the sales this season!

Be mindful of your spending. The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems:

  1. Have you used one credit card to pay off another?
  2. Have you used credit card advances to pay bills?
  3. Do you regularly use a charge card because you are short on cash?
  4. Do you charge items you might not buy if you were paying cash?
  5. Do you need to use your credit cards to buy groceries because you simply do not have the funds to cover the charge?
  6. Are you reluctant to open monthly statements from creditors?
  7. Do you regularly charge more each month than you pay off?
  8. Do you write checks today on funds to be deposited tomorrow?
  9. Do you apply for new credit cards so you can increase borrowing?
  10. Are you receiving late and over-limit credit card charges?

It is important to recognize the warning signs of potential credit abuse. The quicker corrective action is taken the better. Procrastinating is almost a sure way to guarantee that you may face financial difficulty down the road. Think before you reach for your card. If you do reach for the card, have a plan to pay it off in full.

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About Terrell Dinkins, MBA, ChFC®, CDFA®


Terrell Dinkins, MBA, ChFC® , CDFA® is an investment adviser representative of and offers investment advisory services through OBN Wealth Advisors, LLC, a registered investment adviser offering advisory services in the State of Georgia and other jurisdictions where registered or exempted. Main Office: 950 Eagles Landing Pkwy, Suite 216, Stockbridge, GA 30281. Tel: 404-723-9780. Website: OBN Wealth Advisors