In times of today, it is no surprise to hear that someone has fallen into a tight financial situation despite how wealthy they may be.
With the inventions of plastic cards, almost everyone has one and they simply do not know how to manage their spending that they use more than they can afford without realizing until the card gets rejected and a shocking bill arrives.
Well, here are the plain facts.
Credit card holders are either ignorant about their spending or they really don't realize how many times they've swiped their cards.
Statistics show that the average American has at least two credit cards in which they use in their everyday life.
Is it really necessary? Most people would say that these cards would only be used in times of emergencies and such.
But as far as we know it, a pair of shoes, a Gucci bag and the new plasma television set is NOT an emergency.
Individuals who hold credit cards need to buck up and learn good budgeting in order to avoid falling into debt.
What they can do is cut up their cards and keep just one and really only use it when needed.
The next time you open your wallet to swipe your card, think twice, thrice and for the fourth time if you really do need to purchase the item.
Also, try to avoid window shopping and loafing around malls and stores in your spare time because this would drive you to buying things impulsively and spending unnecessarily.
What you ought to do is learn to make list.
Before hitting the malls or grocery store, write out all that you need and then buy only what is written on the list.
Also, save on fine wine and dine and learn to eat wholesome home cooked meals.
Research shows that an individual's largest expenses are eating out so cut down on that and refrain from spending lavishly with the use of your plastic card.
Spend wisely and save yourself and your family from suffering the horrors of debts.