Originally published January 31 2005
Credit cards and debt management can quickly become a way of life
by Mike Adams, the Health Ranger, NaturalNews Editor
Many people are swimming in credit card debt and cannot get out of it. This is because they are so used to using credit cards that they use them way too much. To avoid this trap, or even get out of it, people should set a strict monthly budget, keep an emergency fund, and balance their checkbooks. For those who are in debt, the best thing to do is commit to getting out and start by paying of the highest interest credit card first.
The Consumer Credit Counseling Service of Forsyth County will offer a series of workshops on financial management through June at the agency's offices at 8064 North Point Blvd.
The workshops and classes are open to the public at no charge.
Wachovia Bank is sponsoring a series of classes called "Money Smart," which will also be held at the agency's offices.
Vernetta Thompson never had trouble paying her bills when she worked as a reservations agent at U.S. Airways.
Her salary of more than $30,000 a year enabled her to afford her own house and to indulge her love of travel with frequent cruises to exotic ports.
She used five or six credit cards, but she never worried about making the payments because she made a good salary.
The income that had seemed sufficient dwindled to nothing, and the bills started piling up.
She lost track of exactly how much she owed, but when she decided to get help with her debt, she still owed $9,000.
Banks is the counseling program director of the Consumer Credit Counseling Service of Forsyth County, a nonprofit, United Way agency.
Add to that statistic the fact that about 115 million Americans maintain balances owed on their credit cards each month, and it's not hard to see that debt is a way of life for many.
Last year, Consumer Credit counseled more than 2,000 people about their finances.
For a $25 setup fee and $20 a month, counselors oversee programs that help people pay back their debts.
Sometimes people bring problems on themselves by not saving, not planning for emergencies and by spending more than they earn.
Children grow up seeing their parents using credit to live beyond their means, and they learn to equate credit with wealth, she said.
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