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STOP USING CREDIT CARDS
Not being in charge of a situation is a bad feeling, especially when it comes to the amount of debt you have. Taking control of your credit cards is one of the first steps you can take to re-gaining control of your finances; improving your financial health. Featured below is information regarding the possible outcomes of not using your credit card.

Improve your credit score!
Every action you make with your credit card is recorded by three major credit reporting bureaus in what is known as your credit report. These actions include your payment history and account activity including all mishaps. Also included is information regarding every loan or credit application that you have submitted as well all of your debt information from all of your accounts, i.e. mortgages, car loans, student loans, etc.. All of this data is then amassed into a credit score.

Your credit score is a strong indicator of how fiscally responsible you are with paying your debts. In addition, your score will determine whether or not you are approved for loans and credit and how much you can borrow, at what rate. It has also become very common for home and auto insurance companies for pricing premiums. Potential employers and landlords habitually use them to check out candidates. Get more info on who looks at credit reports. To find out what your score is, you can purchase your credit report. We feature a variety of products that will allow you to gain instant access to your credit report and score.

You'll will not abuse your budget resulting in more money being saved!
Research has indicated that Americans who use credit cards typically spend 15-25% more than they do when they pay in cash instead. This additional spending will likely result in you going over budget. The trick is to use your credit card only when you need to. This will grant you the convenience plastic offers and the pleasure of saving money that you would have wasted on impulse buying directly into the bank.

You'll be in a more content state of mind!
Almost half of all consumers that have some sort of debt problem experience signs of depression. Credit card debt is the No. 1 reason. There are other ways that debt hurts.

On the contrary, a recent study by Roper Center of Public Opinion Research concludes that individuals that save only 5% of their income are extremely happier on the whole than those who don't save. There are the people that probably keep spending habits in control and pay their credit card bills in full every month. As a result, they have some money remaining for saving.

You won't put your home at risk!
When people get in over their head in excessive credit card debt, they frequently will apply for a home equity loan for consolidating payments at a reduced interest rate. Being that home appreciation is slowing, it is very likely that when those people go to sell their homes, they will not make enough money to cover the equity debt. Even worse, an excessive amount of people that utilize a home equity loan for consolidate existing debts will  then proceed to charge up their credit cards again!

In conclusion...
To avoid excessive debt, it is important that you learn how to use credit cards wisely in order to fully enjoy the advantages that credit cards offer. Otherwise, if you are not a financially responsible person, you will likely put yourself in a situation that will be very hard to get out of.


 

 

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