Our Community Power Blog

• Putting Day to Day Expenses on Credit

If you are borrowing money for your everyday expenses like paying for groceries or utility bills then you need to take a stock of your money situation. If you can’t afford basic necessities like food, gasoline, electricity and rent, you are probably over your head. You must address the problem as soon as possible or else you will have a harder and harder time digging out of debt.

• You can only afford to make the minimum payments on your card

You are in serious trouble if you are only paying off the minimum amounts due on your accounts, or maybe even less than the minimums. Making the minimum on cards will undoubtedly keep the collectors from calling but will take a really long time to wipe off the debt. When you are paying the minimum to cards, you are actually paying off the interest rate, but no actual principal.

• If you have been declined for credit

If you have been declined for credit then instead of shouting at the credit issuer’s customer representative office you should examine your financial situation. Based on various factors like your credit history or payment record the creditors assess your credit worthiness. Thus, if they decline you, it is an indication that that your finances are either stretched to the limit or is already overextended.

• You are relying on cash advances to meet your basic necessities

Applying for a cash advance loan just to keep going until your next pay check is a sure sign that you are overextended and you need immediate help.

• You are hiding your financial status from your friends and family members

Hiding your financial condition from your friends and family members is a clear sign that you owe debt but you do not want to realize or acknowledge that there is a problem. If you feel that you can not share the problem with your loved ones then you must seek professional help on your own.