Are you in a debt crisis? Well, you’re not alone. Millions of people struggle to repay credit card debt and student loans. However, people in debt are often unaware of the types of debt assistance that’s available. Let’s discuss ways that you can determine if you’re in a debt crisis and how to get the help that you need.
Signs That You Have a Debit Problem
Many people know that they are in debt, but don’t understand or underestimate the severity of the problem. The following are a few warning signs that you are in financial trouble:
- You’ve maxed out your credit cards.
- You can’t pay your bills.
- You’re unable to get new lines of credit.
- There’s no money in your savings account
- You owe more monthly than you make.
Determining If You Need Help
If more than one of the above warning signs applies to you, then you are indeed in a debt crisis and should consider seeking out financial assistance. You may need to further evaluate your finances to determine the degree of your financial problems.
After reviewing your finances, ask yourself the following questions and answer them truthfully. If you answer yes to a majority of these questions, then it’s time to get help and take control of your debt.
- Are you using your savings to pay bills?
- Are you taking out loans to pay bills and repay loans?
- Do you consistently make late payments?
- Are you unable to save any money?
- Do you often overdraft your checking account?
Getting Help & Taking Control of Your Debt
One of the first steps to getting out of financial trouble is making lifestyle changes that ensure that you’re not living above your means. You can easily achieve this by cutting out unnecessary expenses such as eating out and going to the movies. Instead, cook your meals at home, pack a lunch, and resort to cheap DVD rentals for entertainment.
If needed, you may want to consult with a debt management or counseling agency that can assist you further and notify you of other resources. Seeking out help from an experienced financial advisor will help you stay on track with your financial goals and take control of your debt.
Let us help you, take advantage of a free credit counseling session, and talk with one of our certified credit counselors. They can help you create a budget that is within your means help you take control of your debt. Call 844-828-2580 for more information.
Finance & Savings Blog 