5 Signs That You Have Too Much Debt And Need Debt Help
There are lots of different tells that you have that let debt levels get out of control and you should consider getting some debt help. Basically, if you are even asking yourself if this is the case, there’s a good chance you are in trouble and need some financial debt counselling.
But see if any of these warning signs resonate with you.
1. You have no money in your savings account
Having money in savings is about creating a nest egg for the future and putting aside funds for emergencies. A tapped-out account is a sign that you are living from paycheque to paycheque, with no cushion for life’s inevitable ups and downs.
2. You’re having trouble paying your bills
You are letting your bills accumulate, getting past their due dates. This will affect your credit rating. Paying only the minimum amount on credit card bills carries the balance to the next billing cycle and makes interest accumulate. If you have to pay your bills with loans from family, friends, credit cards, or cash advance outlets, you have too much debt. And eventually people will start saying no.
3. You’ve been told no for new credit
You’ve been playing the juggling game, applying for new credit to help pay for your debts or lifestyle. But you receive a letter of rejection, explaining that you have a poor credit score, too high a balance, too much credit or no credit history. At times it may seem like there is no end to the amount of credit you can get. But eventually the train does come to a screeching halt as creditors realize that you have become a bad risk.
4. You’re way too stressed
You’re losing sleep over your financial situation. Your work performance is suffering, as is your relationship with friends and family. You’re fearful, depressed and perhaps turning to alcohol or drugs for relief. Worrying about debt can take a terrible toll physically and mentally.
5. You don’t know how much you owe
Basically your head is buried in the ground. You don’t look at bills. You spend without checking your bank balances. You use your credit cards without thought. And you don’t know if you owe $1,000 or $10,000. You’re probably waiting for the axe to fall.
As we said, if you’re worried about debt, then debt is probably a problem. Problems also have solutions. Come to Richard Killen & Associates for a free consultation and get some debt help. We will help you to understand what your options are, so you can replace worry with hope, and debt with a clean balance sheet.