Are you dreaming of a day off of your card debt? Perhaps you take it for granted that because you are paying your credit cards on time each month you will eventually have a zero balance on all of them one day. If you do the things listed below, never pay off your credit cards.
You are the Minimum Pay Only
Making the minimum payment on your credit cards is the slowest way to pay your credit cards. You make little progress towards your credit cards. Do the math. Put your credit card details in a credit card payout calculator and see the results. If you have a high balance, it will likely take you more than a decade to pay your card with minimal payments. Unfortunately, you are likely to make at least one other mistake that will make the payment difficult connecting your credit cards.
You still make purchases
If you use up your credit only once your payment has contributions to your account, there is a good chance that you will always have a credit card balance. You are in a cycle of stuck with your credit card and if you break it you can never pay off your credit cards for good.
Your credit cards are all maxed out
Exhausted credit cards are the hardest to pay off, especially if you only pay the minimum on your credit card. Most of your payment is likely to go towards your financing costs, which can be expensive if you have triggered the penalty rate by going over your credit limit or making a late payment. Multiple exhausted credit cards makes it less likely that you will be able to pay for your credit cards.
You don’t know how much you owe
Problems are not fixed if you look the other way. Problems get worse when you look the other way. Knowing your card debt is a risky way of life. You cannot make good financial decisions unless you are fully aware of your financial picture. Ignoring your credit card debt probably means making other mistakes that keep you in debt.
You spend more than you do every month
One of the fastest ways to get into credit card debt is to live on the means. Unfortunately, you just have to be able to do this for a short time before your credit cards are all exhausted. How can you have more money Your credit cards pay off if you continuously spend more money than you have? You can not.
While each of these things indicates that you cannot always pay off your debts, you can always change your behavior and change the outcome of your credit card debt picture. By increasing within your means your payments above the minimum, stopping your credit card purchases, living, and facing your debts, you are on the right track towards your credit cards for well paid.