Credit cards are a huge convenience. Unfortunately, it is that same convenient can make them such serious threats to people with impulse control issues. Simply put, increased convenience means increased usage, which in turn, can put a serious strain on people’s finances. As a result, interested individuals will want to monitor themselves for signs of potential credit card addiction, lest they end up getting into something that they can’t get out of.
Here are 10 signs of a potential credit card addiction:
You Send In Applications For New Credit Cards On a Regular Basis
Most people are satisfied with no more than a small number of credit cards. However, there are those who send in applications for new credit cards on a regular basis, whether because they think that they need the credit card for some reason or because they can’t help but be pulled in by its features. Whatever the case, regular requests for new credit cards are a sure sign of a serious problem.
You’re Using Debt to Pay Your Debt
Someone who is using debt to pay their outstanding debt obligations is in serious financial trouble. After all, debt is expensive, meaning that it is not uncommon for such individuals to get pulled into a downward spiral from which they cannot escape.
You’re In Denial
Generally speaking, it is not difficult for people to realize that they have a serious problem when it comes to their credit cards. There is no shame to having such a problem, but there is shame is not being willing to own up to it, particularly since that will make it that much more difficult for it to be resolved. Simply put, denial is not a healthy response to either credit card problems or problems of any other kind.
You Keep Your Outstanding Debt a Secret
It is not unknown for people to pretend that they don’t have a credit card problem by going out of their way to conceal the size of their credit card debt. Unfortunately, there is a limit to how useful pretending can be, meaning that there will come a time when they are forced to confront the reality of things if they choose to persist.
You Make Minimal Payments
Speaking of which, if someone is making nothing but the minimal payments in month after month, chances are good that they are spending more with their credit cards than what their finances can support in a healthy manner. As a result, it is time for them to make some serious changes unless they want to be buried beneath a mountain of interest.
You Can’t Stop Going After Good Deals
A good deal isn’t necessarily a good deal because different people have different financial circumstances. Unfortunately, if someone can’t stop themselves from going after a good deal when it is presented to them, that is a definite sign that they have impulse control issues related to their credit card.
You Can’t Imagine Living Without Your Credit Card
There can be no doubt about the fact that a credit card offers a great deal of convenience. However, it is far from being a must-have. As a result, someone who can’t imagine living without one might have a problem on their hands.
You No Longer Care About Your Rates
The interest rate on a credit card has an enormous influence over its costs. Someone who continues to spend using their credit card without caring about changes to their interest rates is either addicted or in denial about being addicted.
You Have Limited Savings
Generally speaking, if someone is still making frequent use of their credit cards even though their finances are reaching their limit, that is a serious warning sign. This is particularly true if someone has no savings, which is a sign that this problem has persisted for some time.
You’ve Maxed Out Your Credit Cards
Someone who has maxed out their credit cards has a serious problem. It’s possible that it isn’t a credit card addiction on their part, but to be perfectly honest, if they have reached the point of not being able to spend more because they have already spent all of what they could have spent, they have bigger problems than figuring out the exact cause.