Do You Have The Signs of Debt Problems?
Are your debt problems giving you a headache and preventing you from reaching your having fun? Using credit card and debt can be a lifesaver in this fast paced lifestyle as it allows you to provide your family a house, a car and give education to your children. You can even use it for leverage for other purchases. But as a responsible spender, you should know that having too much debt can make your life miserable.
Managing your debts is also one of your worries. It doesn’t mean that if you can fit these debts to your budget, you are good to go. Money allocated to debt is still an added strain to your finances. Resources used to pay debt can not be used to buy something else. If you are using your cash to pay your credit card debts you are putting a strain on your budget and you are taking resources from your budget which can be used to secure other things that are far more important.
It is not easy for individuals to visualize the critical point of their debt troubles. But here are 10 things to look out that can support you identify the symptoms before it becomes complicated. Here is a list of warning signs. Compare it with your current situation, if any of these apply to you, then it is best for you to stop and take the necessary actions to remedy the situation.
10 Warning Signs of too Much Debt
You your savings account is zero.
You only make the smallest possible payment on your credit cards each month.
You still make purchases on your credit cards while trying to pay it off.
You have at least one credit card that is near, at, or over the credit limit.
You are occasionally late in making payments on bills, credit cards, or other expenses.
You don’t even know how much total debt you actually have.
You use cash advances from your credit cards to pay other bills.
You bounce checks or overdraw your bank accounts.
You’ve been denied credit.
You lie to friends or family about your spending and debt.
Act now
We know that it is easier to ignore the situation than to address it. Resolving the problem can be an ego lowering experience and it requires perseverance, but the sooner you take note your situation, it will be easier for you to address it. Delaying the changes with your habits will only prolong the problem and make matters worst. If you think that you can’t tackle these financial problems alone there are always debt settlement companies out there that will help you.
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