It’s another holiday and another time where you could spend more than you can afford – we all do it – but if you are doing it on your credit card it might be time to reassess.

Over the last few years you probably couldn’t open your door due to the sheer number of requests for credit cards – 0% APR, free for a year, free balance transfers, limits of thousands of pounds – it was literally free money landing on your doorstep.

And you could always afford the cards, because you knew when the time came you could either transfer your balance onto another card, or simply use this time as an opportunity to refinance your home and consolidate your debts.

But the party is over, and the hangover is setting in. People who used to live on credit are finding that their overdrafts and credit limits are being severely reduced, and people who just looked to a remortgage as a means of consolidation are finding that they are being turned down for home finance.

So if you haven’t yet stopped living on your credit card, it might be time to rethink. Every time you use your plastic, your credit score is deteriorating and you are taking one step back from financial security. There is little chance of getting instant finance or extensions of credit limits. Now is the time to take sensible action.

This has to start with good financial advice. Go and see an adviser and lay it all out on the table: your spending habits, your debts and your financial problems. This might seem daunting but it is the only way you can stop living on credit and begin saving, planning and repaying.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

Related posts:

1. Goverment To Protect The Unsecured Indebted
2. Almost 8 Million Brits Favour Credit Card Over Cash
3. Millions Rely On Credit
4. Trouble Paying The Bills? Consolidate Your Problems
5. Get A Credit Check