Keeping up with your debt payments is one obstacle. Just because you can afford to fit these payments into your budget, you could still be putting added strain on your finances. Not only that, but money that’s being used to pay down debt can’t be used elsewhere. That means if you’re spending money each month on credit card or other unnecessary debt, you’re taking money away from other areas of your budget that can be used to build wealth and plan for the future. Wondering if you’ve got too much debt? Here’s how to tell:
10 Warning Signs You Have Too Much Debt
It can be difficult to actually realize when you’ve reached a critical point with your debt situation. If any of these 10 debt warning signs apply to you, it is time to stop and take action to remedy the problem:
Take Action Now to Handle Your Debt Problem
You may be aware that you have a debt problem but sometimes, it’s easier to deny it than to address it. If you fall into this group, you’re probably still worried about it, despite being in denial. You might be surprised at how much you alleviate your worries once you face up to your situation and begin addressing your debt issues. Yes, this can be painful and require some hard work, but the sooner you realize that you are in over your head, the sooner you can begin to make positive changes. Meanwhile, delaying changes to your spending and debt habits will only prolong the problem and make it worse. If you don’t think you can tackle the problem alone, don’t let that dissuade you from tackling it altogether: There are people out there willing to help. Consider talking to a nonprofit credit counselor or a financial advisor. They can offer guidance on how to get caught up if you’re behind, control spending and create a plan for paying off your debt going forward.
