Financial ProblemsLet’s face it, the times, they are a changing. The world has become a smaller place and we all want to get our bite of the apple, experience everything we can and live life to the fullest. Your success at achieving these goals is dependent upon your knowledge of, and ability to control, your financial situation.

You may say, “Well, I’m making my minimum payments and having a good time, what’s the problem.” Right there, that s the problem. You’re making your minimum payments.

It is simply not possible to achieve all that you want out of life if all you have is enough money to cover your interest expense. Why? Because you will never catch up, you will never save and you will eventually find yourself under such a large heap of debt that you cannot possibly crawl out of it. The results of this can be horrifying and will certainly add enough stress to your day-to-day activities that you will have no shot at living the life you really want.

So how does this happen? It often happens simply by not paying attention. Every time you get a bill you should scrutinize it carefully. The amount requested might be correct, but what about the terms of your loan or your credit card agreement? Have those changed? Has your due date changed? Knowing the answer to these questions is a good start, as you certainly do not want to incur late fees out of sheer laziness (failure to take just a minute to look over your bill). Failing to pay your bills on time will also affect your credit rating, and that will allow you the pleasure of paying more for things like health and home insurance.

The next thing you must do is look at what you actually purchased – scrutinize the items that are actually on your statement. One of the worst things you can do is just set your bank account up to automatically withdraw funds, pay the minimum and not look at what you’ve purchased. Check what you’ve bought. Did you really buy all those things? Did you need them? Start taking a look at what you actually buy – you might be very surprised to see how much all the little extra purchases add up to. Again, failure to pay attention can be very costly.

Now you might say, “Well, who cares how much I spend, I’ve got a good credit rating, I’ll just get another credit card or I’ll do a transfer and then I’ll be able to maybe make a little dent in the principle on one of the cards I already have

Just thinking along those lines indicates that you are heading for a financial crisis. Every day that you incur more debt you get one step closer to committing financial suicide. Don’t do it. Pay attention, wise up and begin to look for ways to put an end to the vicious spend, spend, spend, pay more interest, pay more interest cycle that you are in.

Once you have acknowledged that you are in financial trouble, get help from others and best of all see a financial professional who can help you get your finances in order.