Credit cards are not just a convenience or a backup plan for many members of Generation X and baby boomers. According to a recent study cited by usatoday.com, a lot of people between the ages of 35 and 67 assume they will always have credit card debt. With debt counseling, you learn to stop using credit card as a lifeline. Instead of credit card dependence, you take control by budgeting, planning, saving, setting goals and paying off debt. The study by Allianz Life revealed 48 percent of Gen Xers and baby boomers said they use credit cards for financial survival. By consolidating debt through a reputable Christian credit counseling you receive unbiased support and guidance as well as prayer and resources. The interest you save by following a debt management program could be money you use to save for retirement. If you aren’t sure whether you need debt counseling, consider some of the warning signs you are using credit cards as a lifeline.
Failing to pay the Balance
The survey showed 46 percent of Gen Xers only pay part of their credit card balance every month instead of paying it off. Thirty-two percent of baby boomers only pay some of what they owe. The great thing about credit consolidation is you take care of your financial responsibility to various credit card companies. The creditors get on board with your debt management plan.
Putting off Retirement Savings
If you are always telling yourself you will save for retirement next month, next year or when you get a tax return or bonus, you are likely living on credit cards. Twenty-three percent of people in their late 30s and 40s said they don’t think they can even start saving for retirement while they feel burdened with credit card debt.
Feeling stressed out and exhausted
Although most people feel tired at the end of a productive day, it is not healthy to feel mentally exhausted from financial stress. Forty-one percent of the Gen Xers feel uncomfortable with debt versus only 25 percent of baby boomers. Even if you accept your credit card debt now, you will benefit from debt counseling. Many baby boomers will not enjoy a comfortable retirement due to excessive debt.
Accepting debt as a fact of life
Another sign you need debt counseling is when you simply accept debt as a fact of life. Twenty percent of Gen Xers and 14 percent of baby boomers surveyed said they don’t see a way around credit card debt. With debt counseling, you receive the facts, information, support to get your credit score up, save, budget and plan. Your certified credit counselors provide you with a custom debt analysis so you can learn to live within your means.
At Christian Credit Counselors, we want our clients to enjoy the benefits of financial freedom and peace. Our program helps people with credit card debt by giving them a manageable plan and strategy to get and stay out of debt.
Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.
