Recognizing Debt Trouble
The first step to overcoming a debt problem is recognizing it. If worries about your credit cards and loans are keeping you awake at night, you probably already know that you are in over your head.
The average Canadian is carrying more debt than they should, below are the top 10 signs that you and your family should be looking for debt help to reduce your spending.
- You routinely spend more than you earn, at the end of the month you do not have enough money for the rent/mortgage
- Your Credit score is declining and shows months of none payment
- You continually go over your spending limit or you use your credit cards as a source of income;
- You are always borrowing money to make it from one payday to the next, using payday loans on a monthly basis;
- Your wages have been garnisheed to pay for outstanding debts;
- You have recently been turned down for credit or a loan.
- Creditors pressure you for payment, threaten to sue or repossess your car, furniture or television, or hire a collection agency to recover the money for them
- You don’t answer your phone as you are afraid it is a creditor.
- You skip payments on some bills in order to pay others, or use cash advances on one credit card to pay off another.
- Your credit limit is maxed on most of your cards and you either skip or pay late regularly