While money plays a vital role in our very existence and materialistic needs, there is this unapproached perspective on credit score which is seldom ignored. Coming to the context, do you know that your credit score actually reflects your personality/virtues.
Yes, you read it right! Though both are irrelated in terms of verbal usage; breaking down the ‘score and maintenance’ of the credit accounts, one can come up with an assumption about your personality which might be accurate if properly analyzed.
Depending on the preferences and necessities, everyone has a unique relationship with money. The way you spend your resources plays a significant role in shaping how you have to deal with debts. After having a quick glance at the below categories, you can understand where to place yourself and this will help you to choose the best credit card for your needs. After considering some prominent surveys and plethora of voids, here we came up with the taglines that mirror the people depending on their way of rolling dollars from the credit card.
The Mighty Spender
Well, when you are so much unaware of the thousands of dollars walking away from the credit card, it is pretty clear that you’re materialistic and not afraid of debt—you whip out your credit card without a second thought when paying for things like groceries, takeout, and clothing, and might even splurge on big-ticket items such as the latest smartphone or a new fancy car. For a person like you, status is a virtue you prefer over everything.
There is another side to this story, this one obviously reflects the grey area. Now, if you don’t have deep pockets, but you spend a lot, well, things aren’t going to be too well for you, you’re spending your way into serious debt, roger that. This is an incredibly bad place to be—you need to audit both your spending and your attitude.
To deal with the problem like this, put together a monthly budget and scale back your spending. If you’re carrying a balance each month, look for low-interest and no-fee credit cards to save on fees.
The Shopper Guy
Anyone who comes under this category is a person who can be considered as the synonym of the big spender, conditions applied.
The difference between you and the spender is little but economical. You shop a lot like your Spender friend, but instead of buying high-priced status items, you tend to stock up on smaller impulse buys, you can consider yourself as an Economical spender.
For a lad like you, shopping is a medium of entertainment when bored, relaxation when stressed, and a self-esteem boost when you feel like you’ve found a “deal.” Unfortunately, you end up buying a lot of things you don’t need. You might find yourself in thousands of dollars of debt with nothing to show for it.
The thing is, you probably care about money and are aware of your overspending. Whether or not your chronic shopping falls into addiction territory, you should focus on paying down your debt by consolidating it onto a balance transfer credit card to save money.
The master of Procrastination. For a person like you, dealing with everyday money management is an uncomfortable task. So, you avoid even the smallest tasks such as budgeting, saving, and paying off credit card debt at all costs. You might also be a big spender or a shopper, but your financial irresponsibility stems mainly from your apathetic attitude toward money, you don’t keep tabs on your bills and debts and you are regularly late with payments.
There comes a moment when the minimal bug of motivation knocks your door, but, all you do is feel discouraged looking at where you are now.
To tackle problems such as this, you need to confront your issues. It’s time to educate your little brain about credit cards and ease yourself into reality. All it takes it nothing but a step out of your comfort zone. Start with mapping out a budget, then proceed with making a debt payment plan, and savings goals. As a student and a financial amateur, you may benefit from credit counseling.
The Value Hunter
The ultimate rival the big spender: You love bargaining and always value money. You like to compare the products just before tapping the credit card at shopping malls. Your meticulous nature makes you an ideal candidate for a rewards credit card. Whether you’re looking for flights and hotel rooms, cash back, or free movies, rewards credit cards are a great opportunity for people who know how much they spend and what they spend it on.
Meanwhile, it is important to not to lose sight of the big picture and overspend for the sake of earning points. Check out the best rewards credit cards that match your monthly spending profile, and deal with your expenses like a boss.
The Re-incarnated Individual
You might be a big spender, a shopper, an avoider, or a combination of everybody, but you’ve turned over a new leaf and are debt-free, or well on your way toward it. Congratulations! Like the shopper, using a balance transfer credit card will allow you to prioritize paying off your debt rather than racking up new charges.
Now, you only transfer the amount you can realistically pay off before the 0% interest rate period ends which usually happens after six months or an annum.
The Responsible Veteran
This can be lauded as an absolute saturation state. After all the things that happened, there will be a day when you become a model example of financial responsibility, the personality that others strive to be. Here’s why: You’re focused, goal-oriented, and don’t use money as a psychological crutch.
There’s an auditor in you, a smart person and an ideal one. Now, you set a monthly budget and stick to it, you know exactly what you spend, pay your bills on time, and have a good credit score. In addition to the ability to control debts, you even don an emergency fund that often is your lifeboat.
Always keep in mind that the responsible veteran is not born, but made.
If all the above tags failed to reflect you, relax, there’s nothing to worry. You might take some time, but one day or other, you’ll see yourself in one category. Consider that personality may be ingrained, but anyone can learn, practice, and eventually master good financial habits.
Always keep in mind about the ‘one day or other’, though the term has been mentioned for the optimistic punch, mind the time. Drive yourself towards the studs category, become a responsible veteran, at least, start being a ‘Value hunter’.