The Top 15 Signs that Debt Reduction Help is Needed

15 Clues That You Need Debt Help

With more and more people taking on more and more debt, it is only common sense that some of them will need help to reduce and eliminate that debt. It can often be difficult to tell if you need help, but there are some definite red flags and warning signs to look out for.

Listed below are the top 15 signs that you may need help with debt reduction.

1. Your credit card balances are on the increase but your income is steady or on its way down. It does not take a rocket scientist to see that this situation is not sustainable. If your debt is increasing while your income is falling, you need to seek help immediately.

2. You can only afford to make the minimum payment on one or more credit cards. Even a small credit card balance can take many years to retire by making only the minimum payment. Making the minimum payment is a good way to stay in debt forever.

3. You find yourself juggling bills, using credit cards to pay for the food shopping or the electricity bill. This is always a sign of trouble.

4. Having lots of credit cards can be a big red flag as well. The more credit cards you have, the greater the propensity to overspend.

5. You are at or near the credit limit on most or all of your credit cards. Running more than one card to the max is a sign that debt reduction counseling may be in order. Not only does hovering near the max mean looming credit problems, but it puts you in danger of hefty over limit fees as well.

6. You consistently run a balance on one or more credit cards. Consistently charging more than you can pay off each month means that you are living beyond your means and need to get a handle on your spending.

7. You are working overtime, or taking on a second job, just to pay off your credit card bills. While making extra money can help pay down debt, if you are working extra hours just to stay even, you may need help controlling your debt.

8. You do not know how much you owe, and you are scared to find out. If you are frightened of knowing how much you owe your creditors, you may need some debt reduction help.

9. You find yourself dodging phone calls from collection agencies and creditors. If you are already receiving collection calls, you may already be in over your head.

10. You use your credit cards to pay for necessities such as gas or food. This is a particular problem if you are unable to pay the bill at the end of the month.

11. You use your credit cards because you do not have the money to pay cash. Credit cards should be used as a convenience, not in lieu of having sufficient cash on hand.

12. You find yourself dipping into personal savings to pay credit card bills. If you are raiding your savings account to pay for credit card bills, debt reduction counseling is definitely in order.

13. You are hiding bills from your spouse or lying about the cost of purchased items. Money problems are a major source of stress in marriage and a leading cause of divorce. If you are fighting with your spouse about money, or lying about your finances, you may be in need of help.

14. You just can’t say no to credit card offers. If you find yourself saying yes to every new credit card offer, you may need to trim your credit card lifestyle.

15. You find yourself worrying about money all the time. If you are constantly worried about your finances, or if you worry that you would be unable to pay your bills in the event of a job loss or other emergency, you should get your debt under control before the unexpected strikes.

Created by Ryann Cairns

Struggling with Debt?

15 Clues That You Need Debt Help