Tide Clocks

Archive for June, 2006

Carolyn and Tom Leopold of Columbus, Ohio, both hold well-paying, full-time jobs, but they’re living on the edge. Tom is a manager at a plastics factory and Carolyn works at the public library, but since Tom’s regular Saturday overtime was cut, the couple finds it difficult to maintain  payments on credit cards and time purchases. They worry about unexpected emergencies such as medical problems or major car repairs. And, they’re wise enough to realize their small savings account would be quickly depleted if a crisis arose. Tom and Carolyn are not alone. Millions of people live on the financial edge, not yet candidates for bankruptcy, or legal action, but one crisis away from significant money trouble. Credit difficulties often creep up unnoticed. Are you living on the edge, without even realizing it? Between them, Tom and Carolyn have 13 credit cards, a combination of major cards, retail store cards and gas cards. Even in good months, when Tom had overtime every Saturday, they paid only minimums on all their credit cards. That was their second mistake. The first mistake was having too many cards. It’s easy to find yourself in this position. Once you have a card or two, the flood of credit card applications is relentless. Each day’s mail brings another temptation to sign on the dotted line. Though insidious, these offers are legitimate. You could carry 20 different Visa cards, as long as you pay the minimum payment. No one would be the wiser until they request your credit report. Then, you would quickly be out of the running for a mortgage loan or new car. It’s only common sense standing between more credit or throwing the application in the circular file.