Credit Card Users Behaving Badly

May 25th, 2009

30sIt’s so easy to observe people doing things incorrectly, while too difficult to notice the same behavior on yourself.  Even long before, I’ll see credit card users flirting with disaster from a mile away.  Yet, when the time came that it was me in their situation, with my credit about to plunge into dangerous territory, I hardly saw it coming.

What sorts of things do you need to look out for to know when you’re in a similar boat, about to tread perilous waters?

1. Buying stuff on impulse

Any unplanned purchase always carries a big risk.  Can you really afford it?  Without the proper forethought, you increase your chances of buying something that you really can’t afford.  If you notice yourself doing it even once, take notice.  When you find yourself repeating the same behavior in a pattern, it’s time to take a serious look at your relationship with money.

2. Rationalizing irrational purchases

“I deserve it,” that’s what most everyone says when faced with the folly of the things they spend their money on.  You’ll probably live through it if you can actually afford the expense.  If you can’t though, “buying things that you deserve” can prove to be your ticket to financial ruin.

3. Paying for luxuries

If you’re using your credit card to pay for luxuries, without settling the balance month-to-month, you can rack up a huge bill without anything to show for it.  Think about it hard.  That holiday charged completely on your credit card might have entertained you for the weekend, but you’ll be paying for it in never-ending fashion if it’s really not within your means.

noel Posted in Credit Card Guides

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