If you are living beyond your means it will catch up to you! Debt =
limited options. Don’t find out the hard way! Being careful now will mean that
you have more freedom to follow your dreams in the future. Here are some signs that you could be living
beyond your means.
Your savings won't last 6 months Bad
things happen to good people. Having savings for a rainy day is very important.
Your house payment is only affordable on a 30-year
term Start with a 15-year term when considering mortgage options. If you
can't afford the 15 years term you probably can't afford to buy the house. The
difference in monthly payments is only about $400 between that and a higher
rate on a 30-year.
Vacationing on credit You
deserve it, you really do! But if you cannot pay cash for the vacation - don't
do it.
Stretching
the term to afford car payments It is your job to pick a car you can afford. By stretching the terms, the
only winner in the formula is the bank.
You pay overdraft frees ‘Nuf said.
You exceeded your credit limit Because a credit score is based largely on debt-to-utilization ratio (the difference in credit available to what you’ve used) your credit score is lowered when your credit balances are high - and it will affect interest rates in the future.
You exceeded your credit limit Because a credit score is based largely on debt-to-utilization ratio (the difference in credit available to what you’ve used) your credit score is lowered when your credit balances are high - and it will affect interest rates in the future.
You won’t consider low paying or a second job You need the money. Period. Plus, you
never know where the job could lead, or the people you will meet.
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