If you are seeing signs of serious debt problem, it’s best to get help in time. Otherwise, chances are you will end up in a situation from where getting back on track may be a long journey uphill.
You know that you getting buried deep in debt, when you see patterns of repeated instances where you are adding more debt and paying less of your bills.
For example, you have been paying minimum or less than that of your credit card bill for a long time, or you are continuously seeking new lines of credit to pay off your current dues – all these are signs that you are heading towards serious debt crisis.
If you are occasionally paying minimum balances or splurging money beyond your means, it is ok. It is only when you are doing it time after time that the warning bells should ring. Below is a list of behavioral patterns that you should look out for:
1. You are frequently seeking new sources of credits to pay off your current dues
2. You have no idea how you are doing financially and are afraid of finding out the truth
3. You are using more credit cards that you can manage and using them for even petty expenses
4. You have defaulted on your loan payments more than once and are frequently missing due dates
5. Your credit card balances are continuously rising and they are well beyond your means
6. You have paid minimum balances or even lesser for a number of cycles in a row
7. Your income has suddenly reduced or stopped coming and you have a whole lot of bills to pay
8. You have started getting repeated phone calls from your lenders about delayed payments
9. You are spending way beyond your means and don’t know how to stop
If you relate your situation with any of the above, it’s time to seriously consider getting external help. You can begin with trying to confide in your spouse and sit with him or her to take stock of the situation. Once you identify how much debt you owe, plan out your debt repayment targets and make a tangible plan of curtailing the monthly spending.
If you think this is not a viable option or this does not yield results, you can even go ahead and take professional help. An expert financial advisor can help you organize yourself and chart out an effective plan to get you out of your debt and back on track.