Client Login
 

(703) 992-9570  

plan@makonnenfg.com

Home NavigationMENU
  • Who We Are 
    • Our Firm
    • Meet the Team
    • Our Mission and Philosophy
    • Why MFG and LPL Financial
    • Strategic Resources
  • The Planning Process 
    • What We Do
    • The Planning Process
    • Forms & Planning Documents
  • Events
  • Resources 
    • Retirement
    • Estate
    • Investment
    • Tax
    • Money
    • Lifestyle
    • Glossary
    • Tax Resources
  • WealthVision
  • Contact
Money Read Time: 4 min

Spotting Credit Trouble

American households with credit card balances carry an average debt of $8,602.1

The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems:

  1. Have you used one credit card to pay off another?
  2. Have you used credit card advances to pay bills?
  3. Do you regularly use a charge card because you are short on cash?
  4. Do you charge items you might not buy if you were paying cash?
  5. Do you need to use your credit cards to buy groceries?
  6. Are you reluctant to open monthly statements from creditors?
  7. Do you regularly charge more each month than you pay off?
  8. Do you write checks today on funds to be deposited tomorrow?
  9. Do you apply for new credit cards so you can increase borrowing?
  10. Are you receiving late and over-limit credit card charges?

It is important to recognize the warning signs of potential credit problems. The more quickly corrective action is taken, the better. Procrastinating might result in financial difficulty down the road.

1. WalletHubTM (Evolution Finance, Inc.), 2019

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Forecast

Forecast

The market is as unpredictable as the weather. We’d love to help you prepare.

You Are Not Alone it Just Feels That Way

You Are Not Alone it Just Feels That Way

Let’s start getting your financial priorities and attitudes in sync with model behaviors.

Test Your Estate Strategy Knowledge

Test Your Estate Strategy Knowledge

Estate management can help ensure that your assets are transferred according to your wishes while managing tax issues.

 

Have A Question About This Topic?









Thank you! Oops!
 

Get Financial News & Updates Delivered to Your Inbox





Thank you!

Error processing your request. Please try again at a later time.

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2023 FMG Suite.


The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA & SIPC.

Registered as IAR in the following states: TX and VA.

Contact

Makonnen Financial Group, LLC
Office: 703-992-9570
Toll-Free: 800-877-7210
Fax: 703-992-9945

5568 General Washington Drive
Suite A-200
Alexandria, VA 22312

plan@makonnenfg.com

Facebook Twitter LinkedIn

Quick Links

  • Retirement
  • Investment
  • Estate
  • Tax
  • Money
  • Lifestyle
  • All Articles
  • All Videos
  • All Calculators
  • All Presentations