3244 Brookside Rd 
Suite 140 
Stockton, CA 95219

Money Read Time: 4 min

Spotting Credit Trouble

American households carry an average revolving credit card balance of $7,876 from month to month.1

The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems:

  1. Have you used one credit card to pay off another?
  2. Have you used credit card advances to pay bills?
  3. Do you regularly use a charge card because you are short on cash?
  4. Do you charge items you might not buy if you were paying cash?
  5. Do you need to use your credit cards to buy groceries?
  6. Are you reluctant to open monthly statements from creditors?
  7. Do you regularly charge more each month than you pay off?
  8. Do you write checks today on funds to be deposited tomorrow?
  9. Do you apply for new credit cards so you can increase borrowing?
  10. Are you receiving late and over-limit credit card charges?

It is important to recognize the warning signs of potential credit problems. The more quickly corrective action is taken, the better. Procrastinating might result in financial difficulty down the road.

1. NerdWallet.com, January 10, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Assess Life Insurance Needs

Assess Life Insurance Needs

How to help determine life insurance needs to provide for your family after you pass away.

Creative Ways to Motivate Your Employees

Creative Ways to Motivate Your Employees

Five creative (and inexpensive) ideas for motivating your employees.

5 Smart Investing Strategies

5 Smart Investing Strategies

Getting what you want out of your money may require the right game plan.

 

Have A Question About This Topic?







Thank you! Oops!

Asset Allocation

Consider how your assets are allocated and if that allocation is consistent with your time frame and risk tolerance.

The Five Basics of Financial Literacy

How literate are you when it comes to your finances? Brush up with these five basics.

Will Power

Preparing for the eventual distribution of your assets may not sound enticing. But a will puts the power in your hands.

View all articles

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

What Is My Life Expectancy?

Estimate how many years you may need retirement assets or how long to provide income to a surviving spouse or children.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

View all calculators

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

View all presentations

Retirement Redefined

Around the country, attitudes about retirement are shifting.

Should You Ever Retire?

A growing number of Americans are pushing back the age at which they plan to retire. Or deciding not to retire at all.

Stay Safe with a B.O.P. At Your Back

Learn about the advantages of Business Owner Policies with this highly educational and fun animated video.

View all videos