Are you facing new debt problems?

If you are experiencing money trouble, it could be because your debts outweigh your income.

07:19 22 December 2013

Getting into debt is relatively easy. When you have good credit or are just starting out and have no credit, creditors are happy to loan you plenty of money. Unfortunately, it is not hard to get into trouble and soon your debts become overwhelming. 

 

Here are a few signs that you might have approaching money problems.

 

• You have started having to pay only the minimum balances on your debts because you cannot afford to pay more

 

• Your debt balance keeps climbing despite your payments.

 

• You are robbing Peter to pay Paul. Using other credit cards to pay bills instead of cash

 

• Your cards are maxed out

 

• You cannot help signing up to every credit card that comes your way.

 

• You are starting to receive late payment or repayment calls on your debts

 

• Credit cards are how you handle basic living expenses

 

• You have taken out a second job in order to make payment on your outstanding balances. In some cases, this might be temporary. For example, if you are between jobs. You can run into this situation. In this case, it is not a pattern but circumstances. In these cases, finding work generally resolves the issue though it might take time. 

 

If you have experienced this problem with debts before even while having a steady job, you may want to think about seeking the help of a debt counsellor. The sooner you start working with someone the faster you will be able to get back on the right course and trim down your debts and boost your available income. In many cases, it may just be a matter of creating a budget and sticking to it until you get your debt under control and then working to keep the pattern from repeating.