Credit is like a narcotic to some people. The high comes from being able to get credit to cover all of their life needs. Unfortunately, like drugs, there comes a time when you can not get enough to meet your needs or you get in so much trouble you look for a way out. Here are three signs that you may be a credit junkie.
- Refi madness…have you refinanced your house? Was it a financial decision or was it to free up cash in order to buy something else? A refi makes sense if you save the money or use it to improve your home. If you take the cash and buy a new car or go on vacation, you may be in trouble.
- Credit card nightmares…a credit junkie has a wallet or purse full of maxed out or nearly maxed out credit cards and is happy to open new accounts on a regular basis. Do you have several hundred dollars a month in minimum payments? You might want to look for a 12 step program.
- Cash poor…after making all of the payments each month do you find yourself out of cash and having to use the card you just paid on to buy groceries or gas? NEWS FLASH…you are in big trouble.
Credit junkies are not in a hopeless situation. You can change, if you want to badly enough. Start by tracking your spending for a month. You will soon find where the waste is. A Florida debt consolidation company may be able to help. Hopefully, you can use that information to start your recovery. Here is one tool that may help: http://www.debtorsanonymous.org/