Warnings Signs of Too Much Debt

Posted By: Dr. Frugal in Loans on 07/09/2007 at 21:37:08

It's hard to face the fact that you're in over your head when it comes to debt but it's much easier to turn things around when you know the warning signs and act quickly. Just because you're making minimum payments doesn't mean you're in a good position. Here are some warning sings to alert you that you might have too much debt:

You have little or no savings and have to live paycheck to paycheck.

You have more than three major credit cards and you're making (or not) minimum payments on all of them.

You use increasing amounts of your total income to pay down debt.

You've had to consolidate debts with a high-interest loan.

You're at (or near) your credit limit on at least two of your credit cards.

You don't know the total of all your outstanding debts or the terms and balances of your current loans.

You've had to use a cash advance on your credit card to pay your bills.

If you see these warning signs GET HELP. The worst enemy (aside from the debt itself) is a reluctance to address the issues because you're scared. Scared you might have to change the way you live or that it really might be as bad as you think it is. It might be that bad, but it's only going to get worse by procrastinating.

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