New Year's Resolutions: Save Your Credit and Your Marriage
Before you whip out your credit cards this year, consider this:
more than 70 percent of divorces in America are brought about
due to financial problems. It's so easy to use your credit cards
to buy items you want. But stop and think first.
Overwhelming debt is stressful from a financial standpoint, but
financial stress can also damage your relationship. More lovers
fight over spending money than any other issue. In fact, the
average American consumer carries so much credit card debt that
they're only three paychecks away from having to declare
bankruptcy.
Understand that when you charge something, you will pay, on
average, more than 130 percent for that item than if you pay
cash for it. And, if you only make minimum payments, you're only
paying ten percent towards the charged item and ninety percent
interest. If you are one of the millions of Americans who are
only paying the minimum amount on your charge cards, start
paying MORE each month. Even if it's only a little more.
Reducing the principal balance will shorten your overall payment
schedule--sometimes by hundreds or even thousands of dollars.
Stop charging consumables such as
Gasoline. It just burns up!
Children's clothes. If you pay over six months, you're
paying for outgrown or worn out clothes.
Food. You don't want your credit in the same place food
ends up.
Entertainment. Is a night out worth a possible fight
about money?
Gifts. Think about making a gift instead of charging an
expensive present.
Use your credit wisely. Pay cash whenever possible, and try to
live within your means, even if it means doing without some
things. Don't risk your marriage with unnecessary credit card
debt. Include monitoring your credit card use in your New Year's
Resolutions.
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