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5 Warning signs that you need help with debt

Created: On June 11, 2011 @ 12:00 am In

You may think it is natural to have a lot of [1] credit card debt and other bills. That’s because it is not uncommon for many Americans to juggle multiple credit cards, mortgage loans, auto loans and other debt on middle class incomes. It can become easy to buy into the notion that “you’ll always have a car loan” or “you have to borrow money to get ahead,” among other myths.

Take a look at these 5 warning signs to see if you have too much debt:

  1. You think about your credit card debt and other bills constantly. Do you have trouble focusing on your job or other tasks because debt woes are always at the forefront of your mind? Getting help with debt can help relieve some of the stress and allow you to make progress on a debt reduction plan. Look for a reputable [2] debt counseling firm that can help.
  2. It’s getting more difficult to make the minimum monthly payment on your bills. Being unable to make the minimum payments will result in late fees and probably an interest rate increase to the default rate. It will also keep you from making much progress in paying off your balance.
  3. You are frequently late with bill payments. Part of what goes into determining your credit score is whether or not you are on time with monthly payments. Pay close attention to the deadlines for getting your payments to creditors. Being even an hour late will have negative repercussions.
  4. You have just about maxxed out credit cards. Are you using credit to buy groceries, gas and other necessities because your income just doesn’t stretch? Wracking up credit card debt this way is a losing proposition no matter how you look at it.
  5. You are afraid to total up your debt. Knowledge is power, so equip yourself with the information you need to make progress on a debt reduction plan. As shocking as your debt total may be, you need to know it to get moving in the right direction.

Get help with debt

Once you admit that you have a debt problem, commit to get help. Depending upon your situation a debt consolidation or [3] debt settlement could help. Talk with a debt counselor to rind the right approach to your money woes.

Article printed from DebtHelp.com Blog: http://www.debthelp.com/blog

URL to article: http://www.debthelp.com/blog/2011/06/11/5-warning-signs-that-you-need-help-with-debt/

URLs in this post:
[1] credit card debt: http://www.debthelp.com/blog/2011/03/14/credit-industry-survey-25-cities-with-highest-credit-card-de

[2] debt counseling: http://www.debthelp.com/debt-consolidation/credit-counseling.html
[3] debt settlement: http://www.debthelp.com/blog/2011/04/27/save-thousands-of-dollars-with-a-debt-settlement/