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Stay away from these bad financial habits

Some Tennesseans get in financial trouble because of bad luck such as a major medical malady that can churn out huge bill after huge bill. But others wreck their finances through smaller, oft-repeating behavior that adds up over time. What are some of the most common financial mistakes?

An obvious problem is spending more than a person earns. And yet it happens. People rack up credit card bills, make the minimum payments and then eventually transfer the balances to other cards. This game of musical chairs can cost a person big over time.

A less obvious mistake is automating bill payments. Why would this be an issue? Because automating payment makes it easy for a person not to pay attention to their bills and how high they are getting. It also makes it easier for incorrect charges to slip through or overdraft charges to creep up.

A third mistake people make is co-signing a loan. It's easy to do; a friend or family needs some help getting a loan, so they ask you to sign with them. It's no big deal, right? After all, they will make the payments. Wrong. Every late or missed payment will ding your credit score. And co-signing can make it harder for the co-signee to get a loan of their own because the original loan is an existing obligation that future lenders will factor into whether a person has too high of a debt-to-income ratio.

These are just a few of the traps waiting to snag unsuspecting Tennesseans. When they do, sometimes the damage is too big to heal. In those cases, Tennesseans may benefit from discussing their situation with an experienced bankruptcy attorney.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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