7 Warning Signs You Have Too Much Debt

Debt management is big business in America because most Americans have debt, and what is more troubling is that many of those who do have debt, simply have too much. Whether it be from a sudden and unexpected job loss or just letting your debt creep up on you over time, it is easy to get into a position of not being able to pay off your debts in a timely manner, which leads to worry, stress and the hassle of having to deal with creditors calling you on a regular basis.

There are steps you can take to manage your debt better, however, and the sooner you realize and admit you have a debt problem, the easier it can be to fix. If you have two or more of the following symptoms in your life, you should consider looking into a qualified debt relief program before it is too late.

1. You Get Rejected for Credit: When you apply for credit, your credit rating is checked. Using simple formulas that determine your ability to repay the debt, you will be approved or rejected. If you are rejected for a loan or credit card offer, you might have too much debt (or too little income).
2. You Get Hit with Late Payments: The rare and occasional late payment because the mail was slow (you really should use a bill-pay feature) or you honestly forgot is one thing, but if you are regularly living from paycheck to paycheck and have to pay bills late on occasion, you may have too much debt.
3. You Get Phone Calls about Payments: When creditors start calling you for money, you definitely have too much debt unless there is a specific situation that warrants the call and reason for your being late at this time.
4. You Struggle to Find “Room” on Your Credit Cards: If you have multiple credit cards and are looking for $5.00 here or $20.00 there to buy something you need like groceries, you probably have too much debt.
5. You Have no Savings and Can’t Build Any: If you have no savings built up and are living paycheck to paycheck with your money going to pay off bills then you probably have too much debt and should seriously consider finding a way to put money away for savings (paying yourself) every month.
6. You Can Only Afford Minimum Payments on Everything: Making minimum payments on loans and credit cards is a sure way to “eat it” when it comes to paying high interest. If you can afford to pay more, you should, to eliminate the debt more quickly, if your budget simply will not allow for anything more than the minimum, then you have too much debt.
7. You Worry: If you’re “making it” but just barely and find yourself worrying at night and scheming for ways to get money to pay your debts, then you should consider getting yourself into a debt relief program.