How can you tell if you have too much debt$%: You would think that it would be easy to tell. However, many consumers don't know that they are one step away from financial ruin due to their debt situation. Credit is a great thing, but if you use it unwisely it can ruin you.
Just because you don't miss any bill payments doesn't mean that you have your debt under control. If you are only paying your minimum payments, you are paying too much money. Run a debt calculator to see how much in interest your credit cards will cost you over the next couple of decades if you pay them off by the minimum payment.
If you have credit card debt that cannot be paid off within three months, you have way to much debt. It just costs you too much. It really isn't all about whether or not you are making ends meet. It is about what the overall cost of the debt is to your finances. If you are paying interest, you are losing money that could be earning interest in a retirement or other savings account.
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Don't be fooled into assuming that everything is find just because you aren't late on your payments.
Here are some other signs of serious debt problems. You may find that you have quite a few of them in addition to your credit card debt.
Any examples:
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- You don't have any savings.
- You haven't started saving for retirement.
- You buy groceries and gasoline on your credit cards.
- You aren't able to pay your credit cards in full each month.
- You have to increase your income to pay off your debts.
- You have more than three major credit cards.
- You purchase things on store cards, regardless of the higher interest rate.
- You pay your credit card bill, but then go out and charge the same amount or more.
- You are near your credit limit on a credit card.
- You write a check hoping that you can cover it by the time it hits your bank.
- You take out cash advances to pay other bills.
- You don't know how much debt you have.
- You are denied credit.
- You bounce checks.
- Your creditors are calling.
- Your credit card has been declined.
- You lie to others about your spending.
- You hide purchases from your spouse.
If more than three of the above statements are true for you, you need to take steps to get out from under your debt. It isn't as hard as you might think it is. It just takes time, dedication and change. Don't believe any company that says it can erase your debt or repair your credit quickly. These are scams that target those with debt problems. The only way out is to pay your debt off as quickly as possible. You will have to budget, cut back and stop using your credit for a while. But it is worth it. Once you are started, you will find that it feels good to pay off your debts and regain control of your money.
Instances
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