Having financial problems can be one of the most stressful and distressing periods in anyone’s life. Often the onset and duration of this difficult period are apparent in hindsight, but recognizing the situation is not so easy at the time. When counselling people for their debt issues I often hear the comment – “I wish I had come to see you two years ago!”
It is a commendable instinct to hang tough and to try not to give up, but at a certain point it is simply impossible to resolve debt problems without help. Math is not always our friend.
If you are starting to wonder about your situation, then my personal list of Top 10 Warning Signs may help you decide whether it is time to seek advice. My suggestion is, if you are in doubt, please call to make an appointment. There is no obligation or cost for an initial consultation and information is always helpful to gain greater peace of mind.
Top 10 Warning Signs of Personal Financial Problems
- The total amount of your debt increases each month
- You have not reduced your total debt for four consecutive months
- You have accumulated debt without a plan to become debt free again, (higher than four months’ net income is a useful threshold)
- You are unable to make minimum monthly payments on credit cards and loans
- You skip paying some bills in order to pay others
- You are at or over your limit on credit card
- You are making day-to-day purchases like groceries and movie tickets on credit cards because you don’t have the cash to pay for them
- You argue with your spouse or family about money or are afraid to talk to your spouse or family about money
- You notice that worrying about debt is causing you to lose sleep or experience other health problems
- You are receiving phone calls and letters from collection and credit agencies