Debt Warning Signs
Does your debt load have you considering credit counseling? Bankrate.com lists fifteen warning signs that your debt may be getting away from you.
-"Your credit card balances are rising while your income is decreasing."
-"You are only paying the minimum amounts required on your accounts, or maybe even less
than the minimums."
-"You're juggling bills. For example, you apply for another credit card and use cash advances
from it to pay an existing credit card."
-"You have more credit cards than a successful gambler has poker chips."
-"You are at or perilously near the credit limit on each of your credit cards."
-"You consistently charge more each month than you make in payments."
-"You are working overtime to keep up with your credit card payments."
-"You don't know how much you owe and really don't want to find out."
-"You have received phone calls or letter about delinquent bill payments."
-"You are using your credit cards to buy necessities like food or gasoline."
-"Your credit cards are no longer used for the sake of convenience, but because you don't have money."
-"You are dipping into savings or your IRA to pay your monthly bills."
-"You are hiding the true cost of your purchases from your spouse."
-"You're playing the card game by signing up for every credit card that sends you and unsolicited offer."
-"You have just lost your job, or are fearful that you are about to, and are concerned about how you will pay all of your bills."
'Look for a trend. There's no magic number of statements with which you must agree to determine if you have a credit problem. Even if you see yourself in several of these instances, you still might be able to deal with your credit crunch on your own."
"Any trip to a credit counselor should be preceded by a thorough analysis of your family's personal finances: how much money you have saved, how much you owe, how much you have coming in each month, and so on. Such an analysis will help you to assess how much trouble you're in and how much help you need."
Does your debt load have you considering credit counseling? Bankrate.com lists fifteen warning signs that your debt may be getting away from you.
-"Your credit card balances are rising while your income is decreasing."
-"You are only paying the minimum amounts required on your accounts, or maybe even less
than the minimums."
-"You're juggling bills. For example, you apply for another credit card and use cash advances
from it to pay an existing credit card."
-"You have more credit cards than a successful gambler has poker chips."
-"You are at or perilously near the credit limit on each of your credit cards."
-"You consistently charge more each month than you make in payments."
-"You are working overtime to keep up with your credit card payments."
-"You don't know how much you owe and really don't want to find out."
-"You have received phone calls or letter about delinquent bill payments."
-"You are using your credit cards to buy necessities like food or gasoline."
-"Your credit cards are no longer used for the sake of convenience, but because you don't have money."
-"You are dipping into savings or your IRA to pay your monthly bills."
-"You are hiding the true cost of your purchases from your spouse."
-"You're playing the card game by signing up for every credit card that sends you and unsolicited offer."
-"You have just lost your job, or are fearful that you are about to, and are concerned about how you will pay all of your bills."
'Look for a trend. There's no magic number of statements with which you must agree to determine if you have a credit problem. Even if you see yourself in several of these instances, you still might be able to deal with your credit crunch on your own."
"Any trip to a credit counselor should be preceded by a thorough analysis of your family's personal finances: how much money you have saved, how much you owe, how much you have coming in each month, and so on. Such an analysis will help you to assess how much trouble you're in and how much help you need."
posted by Bill | 1:15 PM
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