Seasonal spender or credit card addict? | Bookkeeping services NJ

It’s not a big surprise if you found yourself reaching for your credit card more often around the holidays. The National Retail Federation projected that consumers would spend an average of $1,007 on gifts, decorations,and candy this season.

However, if you’ve noticed your plastic habits don’t fluctuate throughout the year, it could mean you’re living beyond your means … and you may be heading for financial disaster.Here are some ways to tell that you need to get your spending habits under control:

• Your credit card balances keep growing. If you’re only tackling minimum payments, you’re not going to see your credit card balance go down. To start digging yourself out of a financial hole, try paying double the minimum payment amount. Then keep doubling it. Your goal should be to pay the total balance on your credit card each month.
• You’ve got a lot of rotating plastic. Have you taken out a cash advance on one credit card to pay off another, then applied for another card when the first comes due?Stop. Instead, make a list of your credit cards and balances and start working backwards. If you opened two new cards last year, work to eliminate the balances of those two card cards in 2019. Then move on to the next two, and so on.

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