Symptoms of Financial Trouble - Sometimes in trying to keep afloat of financial worries, you miss the obvious signs. How do you know you could be headed for deep financial trouble?
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Sometimes in trying to keep afloat of financial worries, you miss the obvious signs. How do you know you could be headed for deep financial trouble?
Author: Martin crow
Date: Mar 16, 2010 - 2:20:21 AM
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Sometimes in trying to keep afloat of financial worries, you miss the obvious signs. How do you know you could be headed for deep financial trouble? What are the warning signs? Look out for these symptoms in the personal management of your finances:
Are you making only minimum payments on your credit card? Making minimum payments would increase your interest rates which increases your credit. This could have a snowball effect on the debt you owe to your creditors.
Do you frequently miss credit payments? Missing credit payments can affect your credit report, not to mention the debt that you are building which could become overwhelming.
Do you find yourself moving debt around instead of paying off your loans? In an effort to get one creditor off your back you may wind up borrowing heavily from another creditor. Such methods of personal financial management don’t usually escalate in higher interest rates and greater debt.
Are you depending on overtime to cover your expenses? This is generally not a good practice. It may work if you strictly use the overtime to pay off your debts, but statistics show that extra money earned on overtime is usually spent on extra expenses and not pay offs.
Are you regularly withdrawing funds from your retirement or savings? It sounds like a good idea at first, but too many dippings into your personal savings or retirement fund could land you in a financial soup at a time when you need money the most.
Are you maxing out your credit cards? You’re building yourself a huge debt by using the maximum limit on your credit cards. These accrue the highest interest rates and the longer you take to pay them, the more money you will lose on interest.
Do you often order for things without reading the bottom line? Many advertisers depend on people not reading the fine print. It sounds like you’re getting a bargain but you wind up paying more because you didn’t read the fine print.
Do you keep a track of your debt? This is one aspect of personal financial management that most people neglect to do. Living on credit cards it’s easy to keep spending money you don’t have. It’s always a good practice to keep a track of how much you owe your creditors every month and recognize the total debt you have accrued. This always serves as a sobering reminder and helps to curtail spending.
If you need help in personal finance management you could opt for debt management programs. These programs are free and designed to teach the public simple techniques on how they can avoid being head over heels in debt. If you find yourself in any one of the above situations, professional debt management counselors can help you get back on the right track. If you find that you’re already deep in financial debt, you may want to consider debt consolidation to help you quickly pay off all your creditors and be debt free in the quickest possible time!
View all articles by Martin crow
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