Submitted by Jen Jones on Thu, 04/16/2009 - 12:22am
Credit is undoubtedly a powerful tool. In fact, it is in most cases vital to make some of the most significant purchases and investments you need and want to make in life, such as buying a car or a home. Using credit for your every-day purchases can also be beneficial, because you can hold on to more of your monthly cash flow and take advantage of "rewards- programs and other incentives credit card companies offer.
While the potential value of credit is indisputable, it can become a trap for the unwary.Â Overuse or misuse can have serious, long-term consequences. To assess whether you're headed down a potentially dangerous path in your use of credit, it is helpful to consider your actual purchasing activity and the way you view that activity.
Regarding your actual purchasing activity, ask yourself whether any of the following describes your situation:
Regarding your views about your purchasing behavior, consider whether:
If any of these factors describes your situation, chances are, you're already struggling with serious debt problems related to your use of credit. At the least, you're at risk of running into such problems with debt in the future. The good thing is, you have options. Consider contacting a bankruptcy attorney, who can evaluate your financial situation and explain these options to you.
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