How do you know you are in Debt?

There are many warning signs of debt, but many Canadians do not see them.    Part of the reason is because creditors and credit card companies do such a great job at convincing consumers it is perfectly reasonable to only pay the minimum payment every month.  They do not point out that when consumers pay only the minimum payment, they stand to profit considerably in years and years of interest.

What are the tell tale signs of being in debt?

1. You are only paying the minimum amounts required on your accounts or maybe even less than the minimums.
2. You’re juggling bills. For example, you apply for another credit card and use cash advances from it to pay an existing card.
3. You have more than 15 credit cards.
4. You are at or dangerously near the limit on each of your credit cards.
5. You consistently charge more each month than you make in payments.
6. You are working overtime or more than one job to keep up with your credit card payments.
7. You are afraid of opening your credit card statements.
8. You have received phone calls or letters from collection agencies and creditors.
9. You are using your credit card to buy necessities like food or gasoline.
10. You use your credit cards to “get by” in daily living.
11. You are hiding the true cost of your purchases from your partner.
12. You sign up for any credit card that will offer you promotion to use their card.
13. You worry constantly about how you will find the funds to pay your bills.

If you are experiencing some or all of these signs, it’s time to seek some financial help.   Creating a monthly budget will help you understand your spending habits.  It will also help you prioritize your expenses.  There are many budget planners you can find online to help you.

Debt relief may be a viable option to consider for digging yourself out of debt.  There are many companies who offer debt relief.  It is important to research all companies to find one that offers you the best options.

For more information about budget planning and debt relief, call OCCA Consumer Debt Relief toll free 1-866-873-6222 or visit www.occa.ca.  We can help!.

SHARE IT: