Allentown Office

Two Windsor Plaza

7540 Windsor Drive, Suite 110
Allentown, PA 18195
Money Read Time: 4 min

Spotting Credit Trouble

American households with credit card balances carry an average debt of $8,602.1

The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems:

  1. Have you used one credit card to pay off another?
  2. Have you used credit card advances to pay bills?
  3. Do you regularly use a charge card because you are short on cash?
  4. Do you charge items you might not buy if you were paying cash?
  5. Do you need to use your credit cards to buy groceries?
  6. Are you reluctant to open monthly statements from creditors?
  7. Do you regularly charge more each month than you pay off?
  8. Do you write checks today on funds to be deposited tomorrow?
  9. Do you apply for new credit cards so you can increase borrowing?
  10. Are you receiving late and over-limit credit card charges?

It is important to recognize the warning signs of potential credit problems. The more quickly corrective action is taken, the better. Procrastinating might result in financial difficulty down the road.

1. WalletHubTM (Evolution Finance, Inc.), 2019

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

Risk Perspective

Risk Perspective

Is it possible to avoid loss? Not entirely, but you can attempt to manage risk.

From Boats to Brokers

From Boats to Brokers

From the Dutch East India Company to Wall Street, the stock market has a long and storied history.

Building a Resilient Workplace

Building a Resilient Workplace

The pandemic has challenged us to find our inner strength and navigate unpredictable times. Business owners can support employees by fostering their well-being.