If you are not sure about your debt status, keep reading, you will gain some useful data to determine if you are in debt.
Do you know there are warning signs of too much debt? Do you know them?
Today more and more Americans are drowning in debt. Some are not even aware that financial disaster is just a signature or swipe away.
Let’s look this over, do you pay your minimum payments each month because that is what you can afford? Making minimum payments benefit the credit card company, not you. This is one of the means by which many people become enslaved to their debt. Paying minimum amounts contributes to taking decades to pay off purchases. The net result of the minimum payment is a maximum price paid for the product or service when you add extravagant interest charges that accumulate over the years. Time to wise up – this is how credit card companies make their money.
Really look over the following warning signs, since they may detect your having a debt problem. You may also discover that you can remedy this very easily or stop it so you don’t continue to plummet financially.
You make minimum payments on your credit card bills.
You use credit cards for essentials such as groceries where you used to pay cash.
Your savings account is zero or you don’t have one at all.
After you pay your credit card bill, you increase your balance by the same amount (or more) the following month.
You’re at or near your credit limit on your credit cards.
You take advantage of the grace period.
You have written a check hoping that you’ll be able to cover it by the time it clears your bank.
The percentage of your total income to pay off debts has increased.
You have lost track of the total amount you owe on all your debts.
You take out cash advances on your credit card to pay other bills.
A purchase with your credit card has been declined.
You’ve been denied credit.
You have checks that have bounced.
There is hope if you have now realized that you are in over your head. The sooner you act, the easier it will be to unburden yourself of debt. You will need to review all your expenses and work out a budget. The budget is done so you can keep your income higher than what your expenditures are. There are many ways to pay down debt, so do some research.
A search for money could be done. It is a known fact that there are billions of unclaimed dollars being held in the United States. So claim your share of unclaimed money. Each state maintains a list of citizens that have unclaimed property. The money search also has listings of federal databases to provide you with a comprehensive money search.