What may happen if one loses track of monthly spending on credit?

When individuals lose track of their monthly spending on credit, they may unintentionally overspend, leading to financial difficulties. This lack of awareness can result in exceeding credit limits, accumulating debt, and potentially facing late fees or penalties, which can further complicate their financial situation. Moreover, without a clear understanding of their spending habits, they may fail to make timely payments on their credit accounts, which could lead to a poor credit history and a lower credit score. In essence, monitoring monthly spending is crucial for maintaining financial health and avoiding the strains that come with unmanaged debt and financial instability.