Spotting Credit Trouble

Newburgh Shoemaker |

Americans aged 45 to 54, who have credit card balances, carry an average debt of $9,096 per individual.1 The wise use of credit is a critical skill in today’s world. Used unwisely, however, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems: Have you used one credit card to pay off another? Have you used credit card advances to pay bills? Do you regularly use a charge card because you are short on cash? Do you charge items you might not buy if you were paying cash? Do you need to use your credit card to buy groceries? Are you reluctant to open monthly statements from creditors? Do you regularly charge more each month than you pay off? Do you write checks today on funds to be deposited tomorrow? Do you apply for new credit cards, so you can increase borrowing? Are you receiving late and over-limit credit card charges? It is important to recognize the warning signs of potential credit problems. The quicker corrective action is taken the better. Procrastinating is almost a sure way to guarantee that you may face financial difficulty down the road.1 1 Securities and Investment Advisory Services offered through Securian Financial Services. Member FINRA/SIPC. Shoemaker Financial is independently owned and operated. Shoemaker Financial 2176 West Street, Suite 100, Germantown, TN 38138. These are the views of Platinum Advisor Marketing Strategies, LLC, and not necessarily those of the named representative or named broker/dealer, and they should not be construed as investment advice. Neither Securian Financial Services, Inc. nor Shoemaker Financial are affiliated with Platinum Advisor Marketing Strategies, LLC. No. 2812936 DOFU 11.8.19