Many people live well beyond their means.

When they decided they want to make a major purchase the first thing they do without thought is to pull out the card Visa/Mastercard/Discover/American Express.

They don't know how they are going to pay off the balance.

Over time they have accumulated large amounts of debt by living off them.

Their credit cards have been used for expensive vacations, large purchase items for home ( riding lawn mower, window air conditioners,

heating/air systems, flat screen tv, surround sound) children's tuition/weddings to name a few.

They apply for increased credit limits, transfer balances to new cards with the thought of paying them off.

However; when bonuses come or income tax refunds come in they spend them without regard to paying them off or putting a dent in any of the

balances.

You eventually become a slave to the minimum payments.

Prior to the new credit card laws companies have increased the interest rates and minimum payments on these accounts.

Making it virtually impossible to pay off these balances.

The next time you get ready to pull out the card think about how you will pay off the balance.

Are you living off your credit cards??

Your Financial Coach,

Renee Lawson