M
ONEY
2020
TM
Give Yourself A Credit Checkup
Which of the following statements apply to you and your family?
Yes
No
1.
You pay only the minimum amount due on your credit cards each month.
2.
You make so many credit purchases that the amount you owe does not shrink from one month to the next.
3.
You take out new loans to pay off old ones.
4.
You have to skip some payments.
5.
You overdraw your checking account.
6.
You charge day-to-day expenses like shampoo instead of paying cash.
7.
You receive past due notices.
8.
You rely on extra income from overtime to make ends meet.
9.
You use savings to pay current bills.
10.
Not counting your mortgage or rent, your credit payments are 20 percent or more of your take home pay.
11.
You borrow money to pay expected expenses like insurance and taxes.
12.
You are late in making payments each month.
13.
Your emergency fund is less than $400.
14.
You put off medical and dental visits because you can't afford them.
15.
You are afraid that your utilities will be shut off or that something you own will be repossessed.
Trimming Tip #1
If you chose "yes" for more than 2 or 3 of these statements, your credit could use some trimming.
Adapted from
Financial Fitness
- Trim Your Credit Line by Jeanne M. Hogarth, Federal Reserve Bank
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M
ONEY
2020
TM
WebMaster
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