Signs That You Are Entering Into the Credit Card Debt Hole

Your credit card debt can go way overboard if you don’t keep an eye out for it. Regardless of all your positive intentions, minor over-the-budget purchases can turn your credit card bill into a hefty debt. Not just middle-aged, but college students are also partaking in credit card overindulgence.

If your credit card debts are going out of hand, it’s time to take control. For this, you need to devise a plan as to how you will go about preventing yourself from plunging deeper into the credit card debt hole.

The first step to it is identifying signs that you are gradually entering into this dungeon. If you are thinking of the probable signs, some of them are provided to you below:

Sign#1 – You’re constantly In A Denial

If you have been neglecting your bills lately and dodging phone calls from unknown numbers, it’s a clear sign that it is credit card debt that you’re trying to thwart. Another significant clue is that you constantly refrain from discussing your finances with your spouse.

The most important thing that you must understand is that ignoring or denying the debt will only aggravate your debt situation. The more you let go of your monthly credit card bills, the more interest and late payment penalties you will accrue. One of the first things that you need to do is closely evaluate your credit card bill, prioritize each item, and try to pay the minimums of the ones with the highest interest rate.

Sign#2 – You Have Vague Repayment Deadlines

People tend to procrastinate when it comes to the payment of their credit card bills. Having a specific pay off date in mind is beneficial for multiple reasons. Not only does it push you to put in your time and resources to achieve a deadline, but also gives you a sense of joy that by ‘this’ date, the stress of debt will be alleviated. Moreover, if the expected date seems to be too far, you can always re-evaluate your income and expenses to pay down the debt faster.

smoking credit card

Sign#3 – You Jump from Balance Transfers to Balance Transfers

It is surely a good idea to transfer your credit card balance to a credit card company that offers 0% APRs to pay off debts faster and reduce the interest burden. However, if you keep shifting without doing any good to your credit card debt, you are definitely stuck in a hamster wheel. Move ahead of this and make maximum progress by making a plan to knock out the credit card debt before the 0% interest period finishes.

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