If you don’t live in Egypt, being in denial is a bad thing.
Most of us carry some form of debt, whether it’s a car loan or a credit card balance that we just can’t manage to pay off this month. But when does debt load become dangerous?
Well, one sign is when you don’t want to think about it and are kept up nights with stomach-twisting anxiety. The problem scares you so much you put your head in the sand and keep spending as usual.
If you think you have a problem, you probably do. But here are 10 more telling signs that you are sinking too far into a financial morass:
- You frequently pay bills after their due date, incurring secondary notices and penalty charges.
- Creditors are calling about unpaid bills.
- You regularly bounce cheques and overdraw your bank accounts, causing you embarrassment and triggering bank penalties.
- You use one credit card to pay the balance on the other, or use it to pay other bills or to buy necessities.
- You pay only the minimum balance on credit card bills.
- You’ve been denied credit because your debt ratio is too high, or need a co-signor for a loan because you are too much of a risk by yourself.
- You hit up family and friends for loans to make ends meet.
- You don’t know how much debt you’re really in, because you’re afraid to hear the number.
- You hide purchases and debt problems from your family, or you fight a lot with your spouse over debt issues.
- An unexpected expense, such as a car repair, sends you into panic mode.
Of course, just not thinking about money problems, or running way from them, doesn’t work. They always manage to find you. The best way to deal with them is head on, using the advice of a trusted expert. At Richard Killen & Associates, we can lead you through the appropriate responses to your particular situation, whether it is debt consolidation, a consumer proposal or bankruptcy.
Contact us for a free consultation – it will be the most stress-relieving call you will ever make.