Top 6 Signs of an Underlying Debt Problem Are you aware of your debt problems? Do you know how serious they are? While it is quite common for people to opt for a loan to buy a house, vehicle, or for children’s education, there are also many who end up in deep financial crisis by borrowing money for superfluous expenses and poorly managed debts. Borrowing money to repay another loan or using one credit card to payoff another are both conditions that are becoming increasingly common, leading to widespread debt accumulation by many people. And, too often, they are unable to realize the severity of their financial problems until it’s too late. if you identify with the warning signs listed below act fast before your debt problem gets out of control. 1. Shrinking Balance: Your bank balance is shrinking and there is no savings. Money is tight and expenses and bills are on the rise. You are using your credit card even for your daily expenses. 2. Credit Card Misuse: You only make minimum payments on your credit card. You opt for more than one card and start using one card to pay for the other. As a result your minimum payment also keeps increasing, which leads to a vicious cycle of debt. 3. Late Payments: You are late in making payments for your bills, credit cards and other expenses. As a result, you end up paying penalties over and above your payments. 4. Lying about Your Situation: You start avoiding family and friends. You lie about your debt problems and live in constant denial about your situation. If you fall into this category, seek help immediately. 5. Poor Debt Management: You lose track of how much you owe and whom you owe. You can’t pay creditors so you don’t even bother looking at the balance statement. 6. Ultimate Financial Crunch: You have reached a situation where you are denied additional credit. Your checks start bouncing or your bank accounts are overdrawn. You start borrowing money to service existing debts. This means your situation is already out of control, so you need expert help to overcome the crisis.
Start acting fast. Most people know when they are in a deep crisis but live in a state of denial. They are either afraid or ignorant about how to deal with it. Debt issues are not something that cannot be sorted out. If you feel that you cannot tackle the situation yourself, there are experts who can help you. Credit card debt management professionals work to assist people who want to sort out their debt problems completely and return to a stress-free life. To know more, please visit DebtBurst at Debt Management Services