Nowadays, accumulating debt is part of the norm. With more and more of our income being consumed by basic living costs—housing, food, utilities, transportation, to name a few—less remains for other important things such as retirement, savings, education and much-needed vacations.
When an unexpected event such as illness, injury or job loss occurs, or unexpected home or vehicle repairs arise financial resources become stretched to the limit. It is during these occasions that we rely on credit to get through, financially. Paying down the accumulated debt quickly and effectively isn’t always possible though.
It’s important to recognize the warning signs of financial stress before your debt spirals out of control:
- You have little or no savings.
- You are living from paycheck to paycheck.
- You only make the minimum payments on your credit cards.
- You are always using your overdraft.
- You are falling behind on essential living expenses such as your gas, power, cable, internet and telephone.
- You use credit to pay for your basic living needs such as rent, food, clothing, transportation and medication.
- You obtain cash advances from one credit card to pay another credit card.
- You take regular cash advances from your credit cards and/or borrow money from friends and family to make it from one payday to the next.
- You have little to no money left over after making all of your credit card and loan payments.
- Creditors, bill collectors or collection agencies are calling you to demand payment for your overdue bills.
- Your debts are causing you to feel stressed, overwhelmed, helpless or hopeless.
- You are experiencing health, work or relationship problems as a result of your financial situation.
- Your wages are being garnisheed or your bank account or assets have been seized.
If you answered yes to any of these questions, you may be progressing towards financial troubles, or already be knee deep in it. The good news is that immediate help is available.
Learn how to get out of debt.
Talk to us today to find out how we can help you reduce or eliminate your debt and work with you to create a money management plan. We’ll review your options and discuss the best debt restructuring plan to give you a fresh financial start.
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