8 Signs That Prove You’re A Credit Card Addict!

By | September 19, 2016

8 signs that prove you are a Credit Card addict

Alcohol addiction, tobacco addiction, gambling addiction, drug addiction, etc. are just a few examples of commonly found addictions among people. The newest inclusion to this list of addictions, believe it or not, is Credit Card addiction.

You heard that right! Credit Cards can be addictive, thanks to the immense buying power that comes with them. While there is no harm in swiping your card, loving your Credit Card way too much can earn you the title of a Credit Card junkie. Here are 8 tell-tale signs that prove that you are suffering from a Credit Card addiction.

1. Your Credit Card debt is a secret

Though you are not a very secretive person, when it comes to Credit Card debt, you are careful about hiding it from your loved ones. The fear of being reprimanded by others for your ridiculously huge debt, due to reckless Credit Card expenditure, encourages you to keep your Credit Card debt a closely guarded secret. Sometimes you are so afraid to check your bill statement that you prefer to keep it a secret from yourself too! Tsk, tsk!

2. Increase in APR% doesn’t bother you

You think that people who worry about interest rates are the type who fret about everything in life. Why worry about anything, right? If your answer to that question is yes, then you, my friend, have a Credit Card addiction. A normal Credit Card user is bound to be troubled if the APR% on their Credit Card increases as no one wants to pay a large interest amount. But your love for Credit Card swiping is so deep that you tend to ignore the skyrocketing interest rates. You don’t mind paying Credit Card dues with added interest and you manage your debt by just paying the minimum due.

You Should Check This: How Making Minimum Payments Can Affect Your Credit Score

3. You need to have every new Credit Card

Even though your wallet is heavy with the weight of multiple Credit Cards, every time you see a new Credit Card with exciting offers and rewards, you have this compulsive urge to own it. Some Credit Card junkies keep applying for new Credit Cards whenever they find that they are running low on cash and all their existing cards are maxed out. (This doesn’t necessarily mean that they’ll be eligible for another one, though.) Be it a cash shortage or exciting perks, if you find yourself applying for every other Credit Card in the market, then you are a Credit Card addict.

4. You have zero savings due to Credit Card bills

Saving for the future is one of the sanest financial steps that one could ever take. But alas, your savings are like myths that don’t exist. If your savings are nil due to the payment of multiple Credit Card bills that suck up a major chunk of your salary, then you are, undoubtedly, a Credit Card addict. While you can claim that you don’t believe in savings, deep down you know the true reason why your savings are zero.

Additional Reading: Don’t Just Save, Invest

5. You don’t miss great shopping offers even if it means buying things you don’t need: OMG! 70% off on that dining table set! But wait a minute; will I actually ever use it? Who cares? This is the best deal ever. I need to buy it right now! If this is the kind of conversation that goes in your head before you end up swiping your Credit Card for things you don’t need, you are definitely a Credit Card junkie. If your house is filled with stuff you don’t use, that you bought using your Credit Card, then you are suffering from a compulsive shopping (fuelled by a Credit Card) addiction.

6. You withdraw money using a Credit Card when you need cash

You urgently need cash and your bank account is running low (Ahem! You know why?). What do you do? Instead of borrowing money from a friend/relative or utilising your bank’s overdraft facility, you withdraw money using your Credit Card, despite the exorbitant fees and interest charges that come with it. This is a classic example of Credit Card addiction.

7. You have maxed out your Credit Limit

If you have reached your credit limit by recklessly swiping your Credit Card for every possible purchase, then you, my friend, are suffering from a severe case of Credit Card addiction. We can’t even begin to fathom the Credit Card debt that you are carrying on your shoulders.

Additional Reading: Shred Those Credit Card Debts To Nothing!

8. You live in denial

After reading and relating to the above seven signs of Credit Card addiction, you still deny that you are a Credit Card junkie. Denial is a clear cut signal that you are badly caught up in a web of Credit Card addiction. Accept it.

The good news? We’re here to help!

Once you accept that you have a Credit Card addiction, you need to immediately focus on ways to improve your financial well-being. Otherwise, it could lead you to bankruptcy. Put aside all those Credit Cards, no matter how difficult it is. Plan wisely and pay your debts as soon as you can. Start saving for emergencies and bad hair days.

Check This: How To Build An Emergency Fund

A Credit Card can be a wonderful friend if you use it judiciously.  But loving your plastic mate way too much will spell trouble. A Credit Card gives you the power to shop. But remember, with great power comes great responsibility. Be a responsible Credit Card user and steer clear of a Credit Card addiction. You certainly know if you are on the road to Credit Card addiction, or not. If not, explore our awesome offers!

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Category: Credit Cards

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