subject: Debt Settlement Help- Sure Signs Your Finances Are Headed Over A Cliff [print this page] Here are 5 signs that you either have a major debt problem on your hands, or you are headed in that direction:
1. You have no clue how much total debt you have. A sure sign that you are either in trouble, or are on the brink, is not knowing how much debt you have outstanding. Odds are you are either ignoring your debt problem for fear of how big it has gotten, or because you do not think it matters. If you have no clue, you should sit down immediately and take a full inventory of the total debt you owe and what it will take to pay if off.
2. You use cash advances from credit cards to pay off your others bills. Credit cards usually have various fees associated with cash advances. They either have higher interest rates, or there is a certain percentage fee on the transaction. This is beside the fact that you are so overextended that you are borrowing money at a high interest rate just to meet expectations.
3. You regularly bounce checks or overdraw your bank accounts. As your debt problems multiply, they will begin to affect all of your financial transactions. If you do not balance your checkpoint or pay attention to your ledger, you are a sure candidate to overextend your bank account, gathering late fees, overdraft fees and more, which will only extend the debt problems.
4. You have been denied credit from banks, credit card companies or some other lender. This is a sign of two things: first, that you are not a trustworthy borrower in the eyes of lenders; and second, that you are in need of more lines of credit.
5. You do not tell the truth to friends or family when asked about your spending habits or your debt problems. A sure sign you have a problem with anything, from shopping too much to drinking too much is when you begin to lie about the situation to cover it up. It usually means that you are aware something is amiss, but you are unable or unwilling to deal with it. Debt problems do not just go away, and if left unchecked, they can ruin your credit and your life.
No one sets out in life with the hope of one day declaring bankruptcy, but it happens any way. You can avoid such financial tragedies as bankruptcy if you are willing to face your debt problems and deal with them today. Ignoring them, or trying to compromise by paying minimum balances, will only further problem and make it so that in a year or two the problem will be two or three sizes as big.
by: J Chase
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