When you want to make a large purchase or find yourself in a financial bind, having a credit card can be a lifesaver. Sure, credit cards are convenient and beneficial in more ways than one, but when you’re an irresponsible card holder, you end up with the bad end of the deal. That once $200 purse now costs you $300. In these trying economical times, consumers are overextending themselves as it pertains to credit card purchases, and as a result end up paying a high price.
Now don’t get me wrong, this is not to say that credit cards should not be used (I myself have three credit card accounts). However, it is equally as important to realize when you’re in over your head. Not sure what ‘in over your head’ looks like? Here are a few signs you may be drowning in credit card debt. [Continue reading]