The National Foundation for Credit Counseling notes the first step toward financial stability tomorrow begins by facing the situation today.
The NFCC provides a test to determine a financial stress level. Here are some of the questions.
¥ Do you normally pay only the minimum amount on your credit card bills?
¥ Do your credit card balances increase each month?
¥ Do you hide purchases from your spouse?
¥ Do you frequently charge items that you used to pay for with cash?
¥ Are most of your credit cards near the limit?
¥ Do you skip paying bills or pay them late?
¥ Have you depleted your savings?
¥ If you lost your job, would it mean an immediate financial crisis?
¥ Do you have an emergency savings account?
¥ Do next month's bills arrive before you've paid the current bills?
¥ Do you put off opening your bills when they arrive?
¥ Do you know the total amount you owe?
Remedies include:
¥ Stop charging when there is no money.
¥ Don't hide purchases from family and don't apply for new credit cards when you've reached the credit limit on other cards.
¥ Reduce expenses where possible.
¥ Make more than the minimum credit card payment.
¥ Work with creditors and consider seeking help from a credit counselor if you are unable to resolve your finances on your own.
Source: National Foundation for Credit Counseling.
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