Ever wonder if you're abusing your credit cards? It's a shameful secret that many of us share. Some of these signs may be humorous, some may be a sad reality -- but the one thing that these 5 signs all have in common is that they indicate a pattern of credit card abuse. 1. How Many Times Do You Re-sign? How many times have you re-signed (and I mean signed more than once, not resigned) your credit cards? Yes, this actually happens... I saw my friend signing the back of her credit card the other day. "New card?" I asked. She kindly informed me that it wasn't a new credit card but, rather, her signature had worn off due to frequent use and she had to re-sign it. Okay, exactly how many times do you have to use a credit card before your signature wears off? I'm not sure (it's never happened to me) but when I asked her, she really didn't want to give the information up. I took that as a sign. It probably goes without saying -- if you're signature has worn off of any of your credit cards due to frequent use, you may be abusing your credit cards. 2. Can You Recite Your Number By Heart? If you can recite your number by heart (and I mean your credit card number, not your phone number) then you might be abusing your credit cards. When you call to place an order over the phone and the rep asks for your credit card number, are you able to recite it by heart? If so, you may want to sit down and seriously think about how often you use your credit cards. 3. An Upward Trend? If you find your credit card balances going up each month instead of down, you might be abusing your credit cards. Credit cards aren't a license to spend and you really should charge only what you can pay off each month (except in the case of an emergency). If you aren't able to pay off your balances each month and your debt keeps piling up, you may find yourself in some serious financial trouble. Do yourself a favor and re-evaluate the way you've been handling your credit cards. Put yourself on a budget and don't charge any more until you can pay off the debt you've already accumulated. 4. A Call From Security Has the security department from your credit card company had to put a freeze on your credit card until they were able to speak with you? If so, you may be abusing your credit cards. Credit card companies use algorithms to track suspicious credit card activity. If you charge too much or too often, it will usually raise red flags at the credit card company and they'll try to contact you to verify the charges. If spending sprees are the reason for this call, you may want to cut back on your credit card usage. 5. You've Been Dumped Think getting dumped by a boyfriend or girlfriend is bad? Try getting dumped by your favorite credit card company. If you abuse your credit cards, they will close your accounts. You don't even have to be late with a single payment. If your debt increases significantly or your credit score declines your credit card company can close your account and take your card away from you. If you enjoy using your credit cards, make sure you use them wisely or you just may lose them. Credit cards can be your best friend and your worst enemy at the same time. While some of us may find humor in a few of the above scenarios, make sure that you aren't relating to them too well. Use your credit cards wisely and enjoy a healthy financial future.
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