How To Guide For: A Look At What Happens When You Max Out Your Credit Card(s) & What To Do Next

Sometimes things happen, serious emergencies come up and you need a credit card to help you out of a tight spot or to cover that last minute unexpected expense; if you don't have an emergency fund set aside. Credit cards are great to have as long as you don't have too many. I only have two credit cards because I'm trying to not rely on credit cards and more on prioritizing, budgeting, saving and building an emergency fund. But this isn't always the case and everyone's financial situation is different. So I wanted to discuss what happens when you max out your credit card because this seems to be a common thing that is happening more and more to people of all ages. The most important thing that you'll notice when you max out your credit card is that your credit score will suffer significantly. Another thing that happens when you max out your credit card is the credit card company could and will probably close your account, until you pay back the money you owe. But when you max out your credit card the balance becomes too high and that makes it even harder to pay back. So you want to make sure you stop completely using the card until you get the balance to $0. You will also be hit with lots of penalties when you max out your credit card. The bottom line is that you want to make sure that you monitor your credit card balances and make sure that you are not at a point where you are maxing them out or close to maxing them out. To learn more about what happens when you max out your credit card and what to do next --- click the pictures below to read the articles.