“If you are currently using credit cards, it is time to evaluate your financial situation,” says Doug Scotten, a Family Financial Education Specialist with University of Missouri Extension. “Virtually everyone uses credit cards, but don’t let it become a source of problems for you or your family.”
Scotten highlights warning signs the use of credit cards are becoming a problem:
• Your debts are causing you stress.
• You work more overtime or a second job to pay your bills.
• You are only able to make the minimum payment.
• You use one credit card to make payments on another.
• You have little or no savings left for an emergency.
• You frequently have to dip into your savings or emergency fund.
• Credit cards are used to pay off every day expenses.
• You have to use cash advance features on your credit card.
• You frequently get past due notices on your bills.
Determining how much credit an individual can handle is expanded on in the University of Missouri Extension publication, “Credit in the Family Budget,” GH3341, available online at http://extension.missouri.edu.
For more information on issues related to home finances, contact Doug Scotten at University of Missouri Extension, Vernon County, located at 100 West Cherry, Suite 2, Nevada, MO 64772. Telephone (417) 448-2560 or email at scottend@missouri.edu.
For more information on issues related to home finances, contact Doug Scotten at University of Missouri Extension, Vernon County, located at 100 West Cherry, Suite 2, Nevada, MO 64772. Telephone (417) 448-2560 or email at scottend@missouri.edu.
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