Is the credit card for you

Uncontrollable credit card use will negatively affect your personal finances and hinder financial freedom.

One may think they are moving forward but instead they are just going in circles. This is because most of the time a credit card gives you a false sense of financial security supported by the ability to spend more than you earn. This eventually falls down like a house made of cards. Okay enough of the credit card bashing…this does not mean that credit cards are pure evil sometimes they are necessary but users need to manage their expenditure. Just like you should with cash at hand credit cards also require your full attention to ensure you don't run into unnecessary financial trouble.

Below is a list of situations that should assist you in raising the flag and reevaluate your need of the plastic. Let us figure out if the credit card is really for you, read through, reevaluate your situation and make the tough decisions that will ultimately affect your financial future.
So the credit card is not for you if:-

1. You don't even know your outstanding balances on the card.
2. You go into full blown panic mode when you realize you don't have your credit card.
3. You keep applying for more money on your plastic for apparent “irresistible” purchases.
4. You cover your outstanding card bill no matter the cost over and over again even when it’s clearly illogical and keeps you in permanent debt.
5. You rarely keep tabs on the fees being charged on the card.
6. You get defensive during conversations about the outstanding card debt.
7. You make unwarranted purchases on every deal you encounter.
8. You have no savings because any income is spent repaying card debts.
9. You always max out your plastic meaning that your expenditure exceeds your income.

credit card definition