In these tough economic times, there is a lot of discussion about the state of the global economy in general terms. The credit crisis and the various plans to move the nation out of spiraling debt and into more thriving times is the fodder of every media outlet.

We can all be armchair critics of the mis-management of our taxpayer dollars, but at this time, a more productive step might be assessing the management of our own personal finances.

Let’s take comedian, Jeff Foxworthy’s well known sketch “You Might Be A Redneck If” in a new direction with “You Might Have A Personal Credit Crisis If”.

Here are 15 signs that “You Might Have A Personal Credit Crisis If”. Check the signs that apply to you.

1. You have NO savings.
2. You have more than three major credit cards.
3. You are making only minimum payments on your credit cards.
4. You are at or near your credit limit on your credit cards.
5. You are using credit cards to buy groceries.
6. You are using increasing amounts of your total income to pay off debts.
7. You use payday loans regularly.
8. You spend the same amount or more the next month, after paying off your credit card bill.
9. You are not sure what your total debt amounts to.
10. You take cash advances from your credit card to pay other bills.
11. You have had your credit card declined when you tried to make a purchase.
12. You have been denied credit.
13. You have bounced checks and had them returned NSF.
14. You are getting calls from debt collection agencies.
15. You lie to your spouse or family about your spending habits or hide credit card statements.

It would be cruel to leave you with no solutions to your personal credit crisis, so, “You Might Be Taking Control Of Your Credit If” You:

Stop carrying your credit cards with you.

The most common response to this is “I need it for emergencies.” Ask yourself, “When was the last time you needed a credit card for an emergency?”

If you don’t have a credit card with you, it decreases impulse spending, and allows you time to find other creative solutions to a financial situation rather than incurring more debt.

Make a plan before using your credit card.

Make a list of the items you intend to purchase with your credit card. Plan a spending limit and develop a plan to repay the debt you are about to create.

Statistics show that by simply having a credit card available when you shop, a person is likely to spend 34% more than originally intended.

Give yourself a 24-hour “cooling off” period before making a purchase.

This works especially well with catalog purchases as they are not quite as appealing the next day.

Discuss your intention to use your credit card with another person.

Creative strategies and problem solving skills can be difficult to access when we are feeling anxious and stressed. It can be very profitable to talk to a person who is not going to judge, but will partner with you in finding alternative solutions.

You will want to visit ControlCreditCardDebt.com which provides more information for debt relief through the free Debt Action Guide. Review the ideas on how to change spending patterns and family budgeting Use the many other tools, tips and resources that help you deal with debt.

This is not the time wait and see what the government can do for you. Quite frankly, we have to bail ourselves out. Some of the options may not be pleasant. Many choices are uncomfortable. But remember, expecting ‘the comforts’ before we could pay for them is what has got us into our financial crisis.

Assess Your Current Situation.

Each month many consumers lose track of their expenditures and spend more than they earn, leaving them in debt and with no savings.

Putting together a realistic budget actually takes very little time. Budgets might sound complicated or confusing for some, but they are quite simply your income and expenses, put down in writing for review.

If after writing out your budget, you discover your are running a deficit (more expenses than income), you have two choices: Either you make more money or you spend less.

Whether or not you have a way of increasing your income, if you have a deficit, how has that debt been created? Credit card debt is probably the biggest villain, for some people equal to or greater than their housing costs.

Cutting Back On Expenses

What are some of the easier things you can cut back on in your daily spending?

For families, the grocery bill is probably the biggest monthly expense and can be reduced significantly with some very minor changes.

Eliminating non-essential items such as alcohol and cigarettes can save you much more than just your health.

Brown bagging it to work or school is also fast becoming the cool way to go, rather than spending for take-out lunches.

Car related expenses can be another significant money guzzler. Consider car pooling, public transit or walking. With a little planning in advance, you could also reduce car costs by consolidating errands with other short trip responsibilities to keep car use to a minimum.

Merging Your Debt

Using multiple credit or retail cards and carrying a balance on them, month over month, is a recipe for disaster. Compounding credit card interest can bleed your bank account dry every month. With credit card interest charges averaging 18.9%, just paying the minimum payment each month (usually about 3% of the principal balance) can keep you in debt for nearly 20 years.

There are several ways to merge or consolidate your credit card debt into one debt, with one payment and lower interest.

Speak to your credit card issuers and request a reduction in the interest rate they charge. If you have an offer for a low interest card from another card issuer, your
credit card provider will likely match that offer to keep your business.

A line of credit from your bank, with a fixed term and low interest rate is one option. It is vital that you cut up your cards and stop creating more debt while you endeavor to pay off the line of credit.

Refinancing the mortgage on your home is another possible option. If you have equity in your home, you may be able to refinance for a larger mortgage in order to pay off your debts. Keep in mind, you would be spending the equity in your home.

There are a number of other options available to assist in resolving some of the many financial dilemmas that consumers may be facing. Debt settlement, loan modification or even bankruptcy, can also be possible resolutions for your financial crisis.

Before making any formal decisions, review the many options available and evaluate which would fit your circumstance. Being informed and with a concrete plan of action in place, riding out this recession could be less painful than you previously thought.

ControlCreditCardDebt.com provides more information for debt relief and riding out the recession. Review ideas on how to alter personal patterns of spending, setting up a family budget and the many other tools, tips and resources that help deal with mounting debt.

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