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25 Indications You Need Debt Relief
American consumers have nearly $2.5 trillion of outstanding debt, according to the Federal Reserve's Consumer Credit report. Unfortunately, the probability you account for a portion of that debt is high. The following 25 warning signs of excessive debt are useful for determining if you need assistance with your debt.
- You have been denied new credit
- You always make the minimum payments on your credit card debt
- You've used a credit card to pay off other credit cards
- You charge more in expenses than your monthly credit card payment
- You don't know how much total debt you have
- You have never checked your credit report nor do you know how to check it
- You receive demanding letters and telephone calls from your creditors
- You have stopped putting money into a savings account
- You hide your spending from your spouse and family
- You bounce checks frequently
- Your bills are higher than you expect each month
- You have reached your credit limit on one or more credit cards
- You depend on credit cards to purchase items like gas, groceries, and clothing
- You routinely get cash advances or use payday loans
- You live paycheck-to-paycheck
- 25 percent of your monthly income goes toward credit card bills
- You have three or more credit cards
- You ask friends and family for money to cover credit card debt
- You lease because you cannot find financing to buy
- You've taken a second job just to repay credit card debt
- You pawn personal items because you desperately need cash
- You have made three late payments in the last 12 months
- You have seriously considered bankruptcy
- You increase credit limits on already maxed-out credit cards
- You depend on the time before a check clears to obtain the necessary funds
If you are experiencing any of these financial problems, then you need to seek debt relief. There are several methods of debt help available to you including debt settlement, credit counseling and debt consolidation. Debt settlement can wipe out your credit card debt in 12 to 36 months and act as a buffer between you and your creditors. Don't let debt linger in your life, act now before these indicators result in bankruptcy.
Author Bio: Scott Sumerford has several years of experience working in the financial industry and has written a myriad of articles on various financial matters. Read more about how Credit Solutions offers a viable alternative to debt consolidation.
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