·         You think of credit as cash, not debt.

·         Your debts are greater than your assets.

·         You owe more than seven creditors.

·         You are an impulsive or compulsive shopper.

·         You and your spouse are dishonest with each other about your use of credit.

·         You don’t know how much your monthly living expenses are or the amount  of your total debt.

·         Your expected increase in income is already committed to paying off debts.

·         You depend on extra income, such as earnings by a second person or overtime by the breadwinner, to help you make ends meet.

·         You have less than two month’s take-home pay in cash or savings where you can get to it quickly.

·         You have to pay back several installment payments that will take more than 12 months to pay off.

·         You have more than 15 or 20% of your take-home pay committed to credit payments other than your home mortgage.

Your thoughts on this subject?  Your comments appreciated!

Content © Rich Brott, 2011

 email to a friend