Here are 10 warning signals that can help you determine whether you are headed for financial trouble. If any apply to you, it's time to take a closer look at your budget. If three or four apply, you are in difficulty.
- Using credit to buy things you used to be able to buy with cash.
- Getting new loans or extensions to pay your debts.
- Paying only the minimum amount due on charge accounts.
- Receiving overdue notices from creditors.
- Using savings to pay bills that you used to pay from checking.
- Borrowing on life insurance with little chance of repayment.
- Depending on overtime pay to make ends meet each month.
- Using your checking account "overdraft" to pay regular bills.
- Juggling rent or mortgage money to pay other debts.
- Using credit card cash advances to pay living expenses.
If you are in financial difficulty, you may wish to contact a professional counseling service. Local governments or banks may offer help or direct you to an organization that charges little or nothing for such help.
3 comments:
This is very true. Being debt-free is a wealth itself
These are great tips. I know so many people who are in situations like the ones on your list, and it is scary. I've always been cautious about spending, which made me kind of odd until the economic downturn. Who knew thrifty would become cool?
Great post during these times. Sounds like robbing Peter to pay Paul.
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