Credit Counseling Facts How to Escape From Debt FAQ Signs of Financial Trouble

Signs of Financial Trouble?

How do you know if your debt has gotten out of control? We'll give you some common signs that you're in serious financial trouble.

The Warning Signs

Some consumers don't try to escape from debt prison simply because they are unaware that their debt is out of control in the first place. If you recognize any of the following signs in your situation, you might need professional debt assistance:

  • You pay only the minimum amount on your credit cards. Making minimal payments may mean that you will never escape from debt prison.
  • Your credit card balances get bigger, not smaller, every month.
  • Your household has frequent arguments about money. Recurrent contention over finances is one of the biggest red flags that you need to escape from debt prison.
  • You hide your spending from your family.
  • You often charge purchases that you used to pay for with cash.
  • You are thinking about filing for bankruptcy. Bankruptcy is a very damaging way to escape from debt prison. Consolidation is a better alternative.
  • You rely on cash advances or paycheck loans to meet your financial obligations.
  • You've maxed out your existing credit cards, so you're applying for new ones.
  • You have no idea how much debt you have in total. If you want to escape from debt prison, you have to know exactly where you stand financially.
  • You don't pay your bills every month or you pay late.
  • You have no savings.
  • You worry about your debt situation often.
  • Your debt is beginning to affect your professional or home life.
  • You are being contacted by bill collectors.
  • You are sacrificing your retirement savings to make ends meet.
  • If you lost your job, you would face a serious financial crisis.
  • You use balance transfers.
  • You don't open your bills right when they arrive or shortly thereafter. Putting off your bills is a surefire sign that you are overwhelmed and need help to escape from debt prison.

If you now know that you have financial problems, read through the credit counseling facts to get started on your mission to conquer debt.