Do you have a problem with debt? Don’t worry; you’re not alone. There are thousands of people who are in debt, but don’t want to admit it. Don’t think that’s you? You need to know the signs that there is a problem, and you need to do something about it. Here are six signs you have a debt problem.
You’ve just got mail, but you know it’s going to be your credit card bill. Instead of looking at it, you hide it away. You just don’t want to know how much you’ve spent this month.
Instead, you use a different credit card to make purchases. This is all just making it worse. You need to open your mail and look at how bad your debt has gotten. Only then can you put a plan into action to clear it.
You know how much you keep spending, but you’re avoiding putting a plan into action. You just don’t think it will amount to anything, and you have the rest of your life to clear it. Watch out! You could wake up one morning to bailiffs on the door, or even find your car repossessed. Do you really want that awful shock?
You write a cheque to a company, only to find out that it’s bounced a few weeks later. If you do all your banking electronically, you could find your direct debits aren’t being paid or your standing orders are being returned because there isn’t enough to cover the costs.
These end up with fees, and you can soon find yourself further in debt. You need to do something now!
You lay awake all night wondering whether there will be enough money in your account for the rent tomorrow. And you do this every single day!
Everyone has those “uh oh” moments now and then, but it shouldn’t happen every day of every month. You should know that you do have enough to cover your outgoings.
An emergency happens but you have no money to spend on fixing them. This is because you have no savings, since all your money leaves your account the same day it goes in.
There are also no long term savings, so you can’t afford to go away on holiday or treat yourself to something special. It’s really time to stop living like this!
You’ve had all the final warnings, and now your services are being disconnected. This could be your electricity or your cable. There are so many services that could just stop abruptly and affect your whole life.
You could even find your home is repossessed if you have a mortgage, or you’re being evicted if you’re renting because you’re not paying the bills. This is the last straw to having a debt problem, and you want to handle it before you get to this point.