Debt Warning Signs
Financial Services Doesn't Necessarily Mean Loans or Brokers
Many times we don't see the signs that indicate the need to
secure financial services until it's too late. Financial crisis
doesn't occur overnight, and there are several warning signs
that indicate your debt problems may be getting out of control.
Seeking financial services does not necessarily mean that you're
taking out a loan or seeking a broker. Financial services could
be any company offering financial guidance. Below are some
questions that will help determine if you're in future financial
danger and in need of financial services.
Do you find yourself exhausting savings as a way of supporting
your debts? The purpose of a savings account is to have funds
available for unexpected situations that may require additional
financial resources. If you are exhausting savings to keep up
with your bills, it may be an indication that you are spending
more than your income can support and in need of financial
services guidance.
Do you pay only minimum payments on your credit cards? If you
can only afford minimum payments or not much more than minimum
payments, you are overextended. It is important at this point to
analyze and properly adjust your financial budget and spending
behavior. It is very likely if thrown into a situation that
requires additional financial resources, your current monetary
situation will be unmanageable.
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Have you been declined credit or credit line increase? Being
declined for credit is a clear indication that you need to
re-evaluate your current financial situation. Creditors utilize
guidelines that determine credit worthiness . I you've been
"declined", it means that your creditors feel that your finances
exhibit signs of trouble. Related article: Credit Reports &
Credit Repair Scams
After you pay your monthly credit card bills, do you accumulate
as much or additional debt the following month? This may be a
sign that you are dependent on credit cards to maintain your
life style or, to supplement day-to-day living expenses such as
gas, meals, or food.
Do you avoid adding up the total of your outstanding debt? It's
important to be aware of where and what monies are owed to your
creditors, and in order to do this, you must confront your
spending behavior head on. Implementing a better repayment
program and seeking financial services assistance and guidance
before the situation becomes unmanageable is the first step to
financial freedom.
Are your cards nearing or over your available line of credit? If
the answer is yes, here's another sign that you are in financial
trouble and in need of financial services guidance. If you were
aware of your finances, and understood how high your balance is
your current situation could have been avoided.
Are you dependent on cash advances to pay on other credit
obligations? If your answer is yes, your current income cannot
support your style of life. You need to immediately stop to
analyze your budget and make the necessary adjustments. Outside
financial services assistance may be needed for guidance and
structuring a payment program.
Do you float or bounce checks? Floating checks is a practice of
issuing a check in hopes that by the time the check has cleared,
money will be available in your account. Floating or bouncing
checks is a clear indication that you're living
paycheck-to-paycheck and your finances are in trouble.
Do you get collection calls from creditors? Collection calls are
a definite sign that you are behind on your credit obligations.
Don't avoid the problem. Start planning to become current again.
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