Hispanic.com: Debt
Debt Warning Signs
First off…don’t panic. Sometimes we all spend a lot of money, and for some of us there gets to be a point of no return, where you feel like you will never get out and many experts would say…" you're in debt". Oh gosh, so how do I know I'm in debt?
Well, below are some signs that your debt levels just may be getting out of control.
- You have several credit cards, which you owe money on and cannot pay down.
- Your credit limit is over extended or maxed out on any of your credit cards
- You cannot make more than the minimum payment on your credit cards
- You don't have cash in the bank so you use credit cards for daily purchases like groceries, gas, etc.
- You are getting collection calls on bills you cannot pay
- Cash advances are a routine part of your life
- You have a low score on your credit report
- You use one credit card to pay off another
- You owe more in your home or car than it is worth
- Your paycheck does not allow for unexpected cash emergencies such as car breakdowns, medical emergencies etc.
- You do not qualify for a loan or credit
- You regularly overdraw your bank account
So these are just some warning signs that you may need to take steps to reign in your debt, spend less, and perhaps see a credit counselor. There are of course many other factors in situations. But remember, it's important to take charge of these matters before it's too late.
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