So many companies offer high credit limits with a significantly low credit scores, it\u2019s almost too easy to get into the circle of credit. We have all been there, really wanting or desperately needing something when it\u2019s approaching the last week before payday or the washing machine dying the week before Christmas (always happens at the most convenient of times).<\/p>\n
Credit Cards can be a great thing when used properly however it is so simple to begin to abuse credit. Many people tend to have more than one credit card however if you find yourself maxing out your card\u2019s and applying to multiple companies without first clearing your existing debts you may be that one step closer to financial ruin.<\/p>\n
Lower your credit limits and begin to clear your debt.<\/p>\n
This is most likely the worst mistake you could make, your debt won\u2019t magically disappear because you\u2019ve ignored it and it will only begin to build and gather more interest. This could lead to a snowball affect increasing the amount you owe and extending the length of time it will take to pay off.<\/p>\n
Clearing your debt needs to be your number one priority, if you are struggling to pay consider all options even taking on a part time job to ensure you don\u2019t get stuck in the circle of credit and debt. It\u2019s all down to you.<\/p>\n
In life, there will always be someone ahead of you in the game. A bigger house, better car, fancy clothes and a lot more money but if you live beyond your means it is guaranteed to catch up with you.<\/p>\n
\u00a0We live in a time where having a fancy phone or enjoying an extravagant night out usually sits above the next car payment or saving for retirement in the list of priorities. If you are struggling with your finances, buying expensive things and going on numerous nights out is probably not the best idea. There is nothing wrong with having a little fun as long as you can afford it.<\/p>\n
Taking advice from people who don\u2019t have the first clue about money is practically setting you up to fail. If you are struggling with your finances you need to seriously consider your whole financial situation to ensure you are fixing it rather than progressing it.<\/p>\n
Hopefully you won\u2019t listen to your friend who suggests you should take out yet another credit card to join them on a luxury holiday rather than repay your existing debt.<\/p>\n
Hey big spender!<\/p>\n
In a day and age where everything is uploaded to Facebook, Instagram etc within the hour to show off, we tend to feel obliged to spend that \u2018little\u2019 bit more on our friends and family.<\/p>\n
When preparing for a celebration such as Christmas, just consider whether your mum really needs a new IPad or not. Don\u2019t feel guilty about setting a gift budget, put more time and thought into choosing a gift that the person receiving it would really like. Spend within your means.<\/p>\n
In the UK the average household debt sits at a record high of \u00a312,887 in January 2017, with a quarter of us having no savings at all.<\/p>\n
It only takes a moment for your whole situation to change; you could lose your job or have an unexpected bill and without a financial cushion behind you to fall on you would be forced to loans, credit cards or overdrafts to keep you afloat.<\/p>\n
Obviously, how much you can save is completely dependent on your earnings and outgoings etc. But as a general rule it is usually advised to have a minimum of 3 months wages saved.<\/p>\n
I know, from time to time the majority of us love a little fun and luxury and living within your means can be restrictive. However whilst that may bring you temporary happiness you may be stuck paying off debts for many years to come. Don\u2019t let your current financial situation and habits affect your long term financial goals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Simple changes can make a huge difference to your financial situation. A small mistake can lead you down the path of financial ruin and if you are doing any of the following you may be almost there. Credit Cards So many companies offer high credit limits with a significantly low credit scores, it\u2019s almost too […]<\/p>\n","protected":false},"author":1,"featured_media":161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[],"yoast_head":"\n