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What are the Danger Signals of too Much Debt
What are the danger signals of too much debt?
Potential debt problems can be spotted before they reach the serious stage. By knowing what danger
signals to look for, you can take steps to prevent a problem before it occurs. If any of the following
signals look familiar, you may be headed for financial trouble.
1. You think of credit as cash, not debt.
2. Your debts are greater than your assets.
3. You owe more than seven creditors.
4. You are an impulsive or compulsive shopper.
5. You and your spouse are dishonest with each other about your use of credit.
6. You don't know how much your monthly living expenses are or the amount of your total debt.
7. Your expected increase in income is already committed to paying off debts.
8. You depend on extra income, such as earnings by a second person or overtime by the
breadwinner, to help you make ends meet.
9. You have less than 2 months' take-home pay in cash or savings where you can get to it quickly.
10.You have to pay back several installment payments that will take over 12 months to pay off.
11.You have more than 20 percent of your take-home pay committed to credit payments other than
your home mortgage.
12.You get behind in utility or rent payments.
13.You have to consolidate several loans into one or reduce monthly payments by extending current
loans in order to pay your debts.
14.You cannot afford to pay for regular living expenses or credit payments; therefore, you take out a
loan, withdraw savings, skip payments, or pay only the minimum amount due on your charge
accounts.
If you said yes to at least four of the above statements, examine your budget and look for ways to tighten
your belt. If you checked five or more, you are probably headed for financial trouble. If you checked
seven or more, then you are in financial danger.
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