Signs That You Have Too Much Debt
When you have too much debt you will not be able to save money, pay your bills and you will find that you will be borrowing more money to pay for necessities.
Here are signs that you have too much debt.
You Don’t Know What You Owe
If you hide from your debt, then the chances are that you do not know what you owe. You need to face your debt, make a list of what you owe and make a plan of how you are going to pay it. Debt does not just go away because you ignore it.
You Pay Bills Late
If your debt payments are more then what you are able to afford then you have too much debt. Paying bills late will only lead to more debt problems as you will need to deal with higher interest rates and late fees. You will need to cut costs so that you are able to pay your bills better.
You Have Borrowed Money To Pay Bills
If you are taking loans or using your credit card to pay for bills, then you have too much debt. At some point you will not be able to borrow money anymore and you will have to face the debt that you have built up.
You Finances Affect You
If you are always worried about money and you are losing sleep over it then your debt is out of control.
If your financial troubles start to spill over into your work, then you need to do things differently. You can’t risk losing your job because losing your income will only lead to more problems.
You Don’t Have Any Savings
If you do not have any savings, then this is a sign that you have more debt then you able to manage. If you have used all your savings to pay for your debts, then there is a problem.
You Can’t Afford Your Living Expenses
If you are buying food with a credit card, then it is a sign that you have a serious financial issue as you do not actually have the funds to pay for your lifestyle. You need to find a way to survive on the income that you bring in.