Credit Card Debt: Do You Need Credit Help?

If you have credit card debt it is important to take its measure from
time-to-time to determine whether or not you have a problem with your debt.
If you are carrying a balance on more than one card (or simply a sizable
balance on one card) then you could have a problem.

There are five reasons why you should seek credit help to deal with your
credit card debt.

The biggest reason is that credit card debt can affect your credit score
which in turn impacts your ability to borrow money for everything from your
car to your home. High credit card debt can lower your credit score and
raise your interest rates. A problem with late credit card payments or high
amounts of debt can make you appear to be a poor risk for credit to many
finance companies.

However, almost as important is the way that credit card debt makes you
feel. While money cannot buy happiness, credit card debt certainly buys
unhappiness. The knowledge that you have a large debt can destroy your self
esteem and add a lot of stress to your life. If you dread the arrival of the
credit card bill in the mail then you have a problem with debt that you need
to address. Owing money can also add a lot of pressure and stress on a
marriage.

Another important reason to resolve your credit card debt is that by
avoiding the problem or simply paying minimum amounts you will never be
free. Most minimum payments do not do much more than pay for the interest.
While many people make paying their credit cards a low priority it should
actually be a top priority. Yes, your mortgage payment is important because
you do not want to lose your home but that is good debt as it helps your
credit rating and your taxes. Credit card debt does nothing for you at all.

Owing money on your credit cards is also a self perpetuating problem. Every
time you charge instead of paying with cash and every time you do not pay
off the full balance when it comes due you are perpetuating your problem
with debt. You need to learn better money habits or you will never solve
your problem with credit card debt.

Finally, an important reason to start paying with cash, check or debit card
is that by paying-as-you-go for your lifestyle you will be modeling
responsible behavior for the next generation.

Take these five reasons to heart and take stock of your own financial
situation to determine whether or not you have a credit card debt problem.

About The Author: Deanna Mascle shares more tips about Credit Card Debt and
Credit Repair in her blog at http://answersaboutcredit.com