HOW much debt is too much? Are you worried that you have accumulated more debt than you can afford to pay back? One of the smartest things you can do in managing your finances is to know at all times how much total debt you have. Look at all your bills every month and review all your credit card statements carefully. Don’t simply pay the bills without carefully reviewing all the charges you incurred in the past month. This helps you become more aware of your monthly spending patterns instead of scratching your head every payday and wondering where in the world your money went. This sounds simple, I know, but trust me- a lot of people don’t do it. And that’s how financial trouble starts.
FACT: Unfortunately, it is common for me to see a lot of people who are not living within their means. They spend more than they earn and then resort to borrowing in order to account for the shortfall. The availability of easy credit and the lure of low monthly payments are too much to resist for some people. So they continue to borrow until they can borrow no more. It’s a vicious cycle that is difficult to stop once you’re caught in it.
But before financial disaster strikes, there are usually some early signs of trouble. Here are some of them:
1. You are always behind in paying your credit cards and other bills every month.
2. You can only afford to pay the minimum on your credit cards every month.
3. You are using credit card transfers or cash advances to pay other credit cards.
4. After you pay your credit card bill, you increase your balance by the same amount or more the following month.
5. Your checks are starting to bounce.
6. You’ve tried making purchases with your credit cards and you were declined because you’ve maxed out your credit cards.
7. Bill collectors are calling you.
8. You have no savings.
9. You have started using credit cards to pay for basic necessities such as groceries for which you used to pay cash.
10. You have lost track of how much you owe.
Ignore the signs at your own peril! If you need help in getting out of debt, call 866-477-7772 and request a free office consultation. I will personally review your situation and go over possible options with you.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.