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House of Cards? How much is too much credit?

A  recent Rasmussen poll showed: 

  • 180 million Americans have credit cards over 159 million on year ago.
  • 83% of Americans say credit cards are tempting them to spend what they can’t afford.
  • 40% of Americans have more than 3 credit cards.

 Even though some key indicators say that the economy is turning around I’m still very concerned about the amount of consumer credit in America.  Folks we must at some point accept that we have to stop spending what we don’t have and control to overcome our buying temptations! 

Family Fire Safef

Keep valuables like credit cards locked away to fight off temptation.

 I urge each of you to review your January credit card statements and see where you stand on balances to see the month over month debt load increase.  How much did you spend last month during the holidays?  Are you in a financial position to pay off the balance in full?  If not take some time to plan out your repayment strategy.    

For those that are over 50% credit limit and you are not paying in full, lock them up.  Don’t use them.  I know this is a drastic measure but it’s a sound plan.  I personally usually lock them in one of those personal safes to will keep me from temptation of using them, like at Best Buy when I don’t really need that new great gadget.   Don’t get me wrong.  We need credit.  It’s a vital part of our personal finance lives, but misuse or over use is a losing strategy.

Ultimately,  begin to challenge yourself to accept the fact that we all must live within our means (expend less than we make in income).  This year will be a great year to begin or increase saving money! 

Live life richly my friends!  Please leave your comments regarding your own savings and spending strategies.

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