You, like many people in the Wilmington and Greenville areas, may rely on your credit cards to help you pay some of your monthly financial obligations. You may have a reliable source of income, make a decent wage and be responsible with your money. But if the only way for you to stay current on most of your bills is to charge your credit cards each month, you could be becoming overly dependent on them and digging a deeper hole for yourself.
Sometimes, no matter how carefully you plan your spending, you may not be able to avoid creating more debt. Your financial obligations may simply be too much for your situation. Here are some signs that indicate you may need to get professional help for your credit card debts.
Paying minimum payments
If you can only afford to pay the minimum payments on your credit cards, you are incurring more debt because of the interest that is accruing on the balance. In some cases, your minimum payments may not cover the amount of interest you charged on your credit card debts. Paying the minimum is enough to keep your cards active but can cause your credit card balances to increase beyond your control.
Taking out cash advances and payday loans
You may believe that using payday and cash advance loans to keep you afloat is a good way for you to keep from defaulting on your debts. But when you consider all of the fees, interests and costs associated with them, you are paying out more money than you can afford and that you could use toward your credit card payments.
It is important for you to know when you may be in over your head financially with your debts, especially those involving credit cards. The sooner you accept that your finances are not in order and credit card debt is spiraling out of control, the earlier you can seek out professional help to make things more manageable.