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Hey, Big Spender!

They say that your credit card statement says a lot about the way you spend.

I suppose if you don’t get a statement that says even more.

So, what kind of spender are you?

If you whip out your card faster than Quick Draw McGraw every time you see something you want, then you likely fit into the impulse buyer category. If you have the means to support your compulsive buying habit, that’s one thing. However, if you are using your credit to fund your spendthrift ways and you don’t have the cash to make payments, then you are asking for trouble. In most cases, unless you change how you look at money, and more importantly how you spend it, no amount of budgeting will be effective.

Some people use credit cards strictly for emergency purposes. If your credit cards have acted as an emergency fund, you’re still responsible for paying them off. Unfortunately, many individuals who find themselves in a hole trying to pay off emergency expenditures, be it new tires for your car or a new washing machine to replace a broken one, often start resenting their credit card balances. Don’t allow your situation to make you miss required payments. Regardless of what caused your credit card bill to soar, the debt is legitimate and can’t be ignored.

Finally, there are those who use credit cards on daily basis to buy toiletries, groceries, gasoline or cover something as small as a latte. If you are using your credit card 10 or more times in a 24-hour period you might want to step back and asses why you are not using cash or a debit card linked to your checking account instead. Your self examination may reveal that credit cards are increasing your spending. It may also encourage you to start using cash and stop using your credit cards.

This entry was posted in Money Dangers by Michele Cheplic. Bookmark the permalink.

About Michele Cheplic

Michele Cheplic was born and raised in Hilo, Hawaii, but now lives in Wisconsin. Michele graduated from the University of Wisconsin-Madison with a degree in Journalism. She spent the next ten years as a television anchor and reporter at various stations throughout the country (from the CBS affiliate in Honolulu to the NBC affiliate in Green Bay). She has won numerous honors including an Emmy Award and multiple Edward R. Murrow awards honoring outstanding achievements in broadcast journalism. In addition, she has received awards from the Aircraft Owners and Pilots Association for her reports on air travel and the Wisconsin Education Association Council for her stories on education. Michele has since left television to concentrate on being a mom and freelance writer.