Debt Warning Signs

Answer yes to one ore more and you may be in trouble

Being in debt can be extremely stressful. The pressure of being in debt makes it hard to worry about everyday living expenses. If you’ve been receiving phone calls and letters from creditors it makes it even worse.

Before the debt begins to pile up, there are warning signs that you could be headed for trouble.

• It becomes difficult to pay normal expenses.
• It becomes increasingly difficult to make ends meet each month.
• You are spending more money than you earn.
• You find yourself using credit cards to pay for normal expenses such as groceries.
• You have several credit cards that are at or close to the credit limit.
• You are juggling credit card payments, holding off one credit card to pay another.
• You find it hard to save even the smallest amount of money each month.
• You are receiving calls or letters (or both) from creditors and debt collectors.
• You are unaware of how much you owe and are fearful of finding out.
• You have to borrow money to pay your monthly bills.
• You apply for new credit cards because you don’t have any money.
• You hide how much you are spending from your family and friends.
• You have recently been denied for a credit card or loan.

If you answered yes to one or more of these warning signs, then you could be headed for debt. Hopefully, you are early enough in the stages of debt that you can take preventative action. If you're in these early stages, you should make a budget to get in control of your finances.

If you are in the UK this site has loads of debt resources, advice and tools.