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What Kind Of Credit Card Spender Are You?

Dec 12, 2007
When it comes to credit card spending, many people are increasingly finding it difficult to keep their will power in check and put the card on the shelf only to be used in emergency. Instead of being sensible with their credit cards, too many people are spending on them left, right and centre and thus building up immense debts at the same time. As credit card spending is one of the biggest problems in the British financial world at the moment, it is about time that they were brought under control and there are only a few ways to achieve that, and they all begin with identifying what kind of credit card spender you are at the moment!

Your identity as a credit card sender can help you to better understand your credit card habits and formulate a plan that can really help you to manage your existing debt and prevent you from getting into any more debt in the future. If you are not in debt then it is still important to figure out exactly what kind of spender you are to ensure that you remain out of debt and do not become another statistic. There are too many of those at the minute so remain in what seems to be the minority at all costs!

In order to find out what kind of credit card spender you are, you will need to ask yourself several questions. For a start of, assess how much debt you are in. Add up all of the amounts from different providers, including any loans that you have that were previously credit cards debts. Many people have debt consolidation loans from previous credit card balances and have then gone on to run up many more debts on the credit cards that they just cleared. Take this into account.

Next, assess what you spent the money on. Did you face a personal crisis and have to spend the money on something related to that? Did you get a credit card to pay for a holiday and then struggle to pay it off? Was your credit card spending built up over a period of time through little bits of spending here and there? Have you just got a credit card and gone mad? It is up to you to answer this question and trace the history of your debt in order to see where you want wrong.

You should then examine your weaknesses in terms of your finances. Everyone has weaknesses, whether it is spending money on certain items or having weak will power when you are shopping. The biggest problem though is for those people that indiscriminately spend on absolutely anything they want whenever they want it. Those people do not think of saving for something that they want. Instead, they just hand over the plastic at the cash register.

Finally diagnose your credit card condition in accordance with the above. When all of the factors are looked at together then you will be able to see how and why your debt has come into being. Only then can you begin to solve the problem. The first thing everyone should do is formulate a budget that they can stick to in order to save money. If you come up with an agreeable budget then the rest will fall into place. The budget should include a savings plan and a plan to pay off your debt. However, the most important thing is to avoid the issues that you have identified that relate to your spending. Deal with those effectively and you will be half way there.
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