Do you think you have too much debt? Recognizing an issue early on will help you get things under control.
If one or two of these describe you, you may have too much debt:
- I’m not really sure how much I owe.
- I can only afford to pay the minimum required payment due on my credit cards and other bills each month.
- The total amount of money I owe is not getting smaller over time.
- I frequently pay my bills late.
- I frequently juggle who and how much I pay each month.
- I am borrowing from one credit card to pay another.
- More than 20% of my income goes toward paying debt (other than my mortgage payment).
- I put off going to the doctor or dentist because I can’t afford it now.
- I spend more than I earn.
- I live from paycheck to paycheck and would be in a world of hurt if I lost my job or missed a paycheck.
- I borrow from family or friends and cannot pay them back.
There is help available. And some tips:
- Track your expenses for a month. Look for ways to reduce.
- Leave your credit card home.
- Set up a plan a repayment plan with your creditors. They’ll appreciate the commitment!
- Seek financial counseling. Some non-profits offer free debt management and can help you set up repayment plans and write to your creditors.
- For one-on-one counseling, you can contact the National Foundation for Consumer Credit at nfcc.org or the Association of Independent Consumer Credit Counseling at www.alcca.org.