Recognizing That You May Have a Debt Problem

It has become increasingly impossible to avoid the tempting offers made by credit card companies. Advertisements show attractive men and women, happy moms and dads, young and old alike using credit cards to obtain anything their hearts desire. They use flashy words like Platinum card, Gold card, and Titanium card. When all the dust finally clears and after the shopping frenzy has stopped, the credit card companies have kept up their end of the deal by giving you all the purchasing power your heart desired. The problem is now it's your turn to actually pay them back, and this is where the battle begins. The first step towards debt freedom is recognizing that you may have a debt problem. Ask yourself these simple questions below. If you answer yes to even one of them, chances are you may have a debt problem. Debt Consolidation may be the answer to this problem.

  • Do you find that you are draining your savings account in order to support the debts you may have?

    • If your answered yes, then you may be spending more than your income can withstand. Inability to save money or depletion of current savings because of debt can be financially dangerous.

  • Do you pay only the minimum on your monthly credit card bills?

    • Can you afford to pay more than your minimum required payment? If so, do it. Interest charges can really start adding up when balances start to run up. Paying only the minimum payment on high interest rate credit cards can send you spinning out of control and throw you into a financial situation that can become very unmanageable. If the minimum monthly payment is all you can afford then you are most definitely in over your head. Debt Consolidation may be your answer. One low monthly payment with low interest charges.

  • Are you over your credit limit or nearing the credit limit on your credit cards?

    • The more you buy, the more you owe. To spend money is one thing, but remember you still have high interest rates and have to pay off the debts you accumulated on the credit cards.

  • Do you float or bounce checks?

    • This means you issue a check in hopes that you will have the funds to cover the payment by the time the check is cashed. Floating or bouncing checks can mean that you are having some financial problems and are living paycheck to paycheck. This is by no means a solid foundation for a debt free future.

  • Are you depending on taking out cash advances to pay your credit card debt?

    • This issue can be a serious one. Your current income may not be enough to handle your spending habits. This is a pattern that can send you spiraling out of control and ending up in serious debt.

    Recognizing your financial situation is key. Debt can be like an illness. Your first step is to recognize your symptoms and try to find an immediate cure. . . Debt Consolidation. The longer you wait, the worse your financial condition will become. Be smart and responsible. You my need to make some serious financial adjustments in your spending habits. By joining our non profit debt consolidation program, you will be taking the responsible step towards financial freedom.

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