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| 1414 Millard Street |
| Bethlehem, PA 18018 |
| Tel: (610) 867-5044 |
| FAX: (610) 867-8603 |
Hours: 8:30 - 4:30
Monday - Friday |
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How much credit should you have
Financial advisors suggest that you spend no more than 15% - 20% of your income after taxes on short-term (typically 12 months or less) credit purchases, such as credit cards and lines of credit. This does not include your housing costs. For example, if your monthly income, is $1,000 after taxes, your credit payments should not be higher than $150 - $200 per month.
Too much credit debt
Below are warninig signs that you may be heading into dangerous credit territory should you answer yes to any single item listed below.
- Are you unable to save enough money to cover known upcoming expenses?
- Do you borrow to pay your current bills?
- Do you need to use credit to buy necessities like groceries?
- Do you find you are unable to pay off your credit card balances each month?
- Are your credit cards "maxed out" leaving you no room to cover emergency expenses?
Keeping your credit in order
| Understand the costs of credit. |
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Make sure you know your interest rate and that you are aware of other costs associated with each credit account, especially late payment fees. |
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| Shop around for the best value. |
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Interest rates, fees, and other payment rules vary widely. Be sure you do your research and find a deal that suits your budget. |
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| Stay on top of credit limits and payment schedules. |
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Late payment and overlimit fees may really add up. You could actually end up paying much more than you bargained for. |
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| Don't borrow more than necessary. |
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When making a borrowing decision, many folks are tempted to borrow "a little extra" for luxury items. Until you are certain of how much debt you can and want to handle, only borrow the amount that is necessary and that you are certain you can pay back. |
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| Don't charge an item to a credit card if you can not pay off that bill monthly. |
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Adding items onto a card that you can not pay off is a quick way to get in over your head. |
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| Emergency credit cards are for emergencies. |
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By definition, emergencies are sudden and unexpected. Protect your emergency funds by thinking hard about how much you really need something before you charge it on your emergency credit card. |
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