7 Signs That You Are Addicted To Using Your Credit Card

November 6, 2024
By
Abdul Waha

The way we spend money has drastically changed over the years, mainly due to how accessible funds have become. Even when you do not have the money to purchase something, credit cards are available. Based on a 2015 study, the average American household is carrying $15,762 worth of credit card debt. In total, American consumers owe a stunning $733 billion. Are you addicted to your credit card?

There's no doubt that credit cards are convenient and when collecting points, they can even be beneficial. With that being said, when you're addicted to using your credit card, your finances can quickly spiral out of control. Please identify the following signs before you get into a situation that's too challenging to get out of.

7. You're Hiding Your Statements

Credit cards. Photo Credit: Wikimedia Commons @Lotus Head

If you are using your credit card so often that you feel as though you need to hide your statements from your partner, that is most certainly an issue. If you are secretly building up your debt, this is a clear sign that your spending is out of control. Finances are one of the main reasons that couples split up and get divorced — do not allow yourself to get into debt without your partner's knowledge.

6. You're Maxed Out

Photo Credit: Wikimedia Commons @NBCO Yandex.Money LLC

Credit cards are great when there's an emergency, or if you have the cash to pay off large purchases and will benefit from points or credit card incentives. With that being said, if you are consistently maxing out your credit card and have nothing to show for it, you have a spending problem.

When your day-to-day spending exceeds your income, this is when debt begins to pile. Have you paid down your debt, only to rack it back up again? Perhaps your credit cards are maxed out and you're only paying the minimum each month. If so, it's time to address your spending habits.

5. You Open New Accounts, Ignoring Outstanding Debt

This photo shows a female hand sliding a debit or credit card through a blue point-of-sale machine. She could be making a retail purchase, or it could be a clerk or server processing payment at a store or restaurant. This picture would be good for illust. Photo Credit: Wikimedia Commons @Hloom Templates

If you have a credit card that is maxed out, yet you open new accounts in order to access more money, you are placing yourself at serious risk. When you are in control, you will do everything in your power to pay down outstanding debt. If you have significant credit card debt, yet you try and access more cards, this is a clear sign that you're addicted to using plastic.

4. You Panic When You Can't Use Your Card

I'm Lovin It' — HM1(FMF) Fred Turner swipes his gift card in McDonald's new card machine, April 4. The new machine now allows customers to use debit, credit or gift cards to purchase food. Photo Credit: Wikimedia Commons @MC2 Honey Nixon

When you are addicted to using your credit card, you will feel almost uncomfortable when you don't have it on you. Have you left your credit card at home and found that you're in a state of panic? This is more than likely due to low cash flow, resulting in non-accessible funds.

This is similar to an addiction, as not being able to access what you need, can quickly turn into anxious feelings and thoughts. Test this theory to see how you react. If you are currently in debt, it's important to leave your credit cards at home so that you don't mindlessly spend. You can't spend what you don't have, right?

3. You're Desperate to Pay Bills Anyway You Can

Pay the bill in a restaurant. Photo Credit: Wikimedia Commons @Benreis

Has your credit card spending resulted in you borrowing money from friends and family? Perhaps you're taking out cash advances or selling items in order to keep some available credit on your cards? If so, this is a major red flag. Without changing your habits, you will be stuck in this cycle and it will only get worse.

2. You're In Denial

A "stack" of bills with 3 $100 bills on the outside, a $50 bill, and many other $20 bills on the inside. Notice the different colored bills. Photo Credit: Wikimedia Commons @Revised by Reworked

Perhaps your partner is aware of your spending habits, as well as other members of your family. Have they told you that your credit card spending is out of control, yet you just can't seem to accept it? Do you feel as though they're attacking you, not understanding where they are coming from?

If you are in denial, this is one of the most significant signs that you are addicted to using credit cards. In this case, you're probably unaware of your outstanding balances and what all your purchases add up to on a daily basis — sending only the minimum each month without a second thought.

1. You Can't Pass Up A 'Good' Deal

3-D dollar gradient dynamic icon. Photo Credit: Wikimedia Commons @Vijay Verma

No deal is a good deal when you're thousands of dollars in debt. If a toaster is on sale, yet yours still functions perfectly fine, do you purchase it? If you are someone that cannot pass up a deal when you see one, relying on your credit cards to make these unnecessary purchases, you are more than likely addicted to both shopping and using credit.

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