When money gets tight - your income stays the same or lowers while your expenses increase - it's time for some changes. If you only have, say, $1,500 and your bills total $1,700 there's a $200 deficit and you have to figure out what to do about it. If you don't have the money in savings, you might be forced to borrow it, or skip a bill for a month.
Recent surveys show that people are more likely to skip a credit card bill whenever money's tight. Sometimes, it really does come to choosing the lesser of two evils. When you compare the result of a missed credit card payment (a higher interest rate and a $39 fee) to the result of a missed mortgage payment (possible foreclosure), the choice seems quite obvious.
How about you? If money's tight, what payment are you most likely to skip? View Results
Credit Management Resources:
How an Emergency Fund Fends Off Debt
"I can't make my minimum"
The Effects of Late Payments
Recent surveys show that people are more likely to skip a credit card bill whenever money's tight. Sometimes, it really does come to choosing the lesser of two evils. When you compare the result of a missed credit card payment (a higher interest rate and a $39 fee) to the result of a missed mortgage payment (possible foreclosure), the choice seems quite obvious.
How about you? If money's tight, what payment are you most likely to skip? View Results
Credit Management Resources:
How an Emergency Fund Fends Off Debt
"I can't make my minimum"
The Effects of Late Payments
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