Credit Cards Become Financial Monsters

When you miss payments.

Late payments are totally different from missed payments. On average, late payments can fall behind a day to three to at least a week. But missed payments take longer and can generally overlap with the next billing period making the minimum amount due larger and total amount due even higher.

When you use it impulsively.

Credit cards are really tempting to use for cashless purchases. But when you use it for the sole purpose of having a shopping spree galore without even canvassing for the lowest prices and discounted items, you can actually fall short not only of funds for bills payment but also for other important things like food, clothing, and daily needs of your family, especially if you have kids.

When you max it out.

The spending power given by credit cards to their owners can be out of control. Within this is the tendency to max out the credit card of funds. Because of the relatively huge amount associated with the purchases plus the interest charges that may be imposed by the credit company, you may end up being in a really big financial dilemma. If you can’t still figure it out, you’ll be wiped out of your regular savings, other income, and you may just be paying interest rates and really not reducing the total credit you have. In turn, your credit score may suffer seriously!