One major form of “negative debt behavior” is the overuse or misuse of credit. This could be credit in the form of credit cards, loans, overdrafts, and/or lines of credit. None of these are “bad things” if used conservatively but if used too frequently, can cause financial trouble.
Negative use of credit cards comes if you need to use credit cards for everyday living expenses, have too many credit cards, need to use one card to pay another, or make only the minimum payment. It also manifests itself with other types of debt: getting cash advances on pay cheques, consolidating debts, moving debt from one creditor to another, not paying off one debt before getting another.
If any of these scenarios is familiar, you should stop. We are pleased to offer a free consultation to discuss your options and help you get a Fresh Start!
Henry M. Francheville, CA, CIRP, Licensed Insolvency Trustee
Licensed Insolvency Trustees
Fresh start…the road to financial freedom