Warning Signs That Indicate You Could Have Too Much Debt

Online, December 13, 2011 (Newswire.com) - Do you set goals? Most people who are serious about achieving success in their lives do. But what if your credit is holding you back and keeping you from gaining the success you crave?

Debt can seriously bog you down. Credit can be a powerful tool that will allow you to buy a home or car, fix up or repair the home you have, send your kids to college, or even buy yourself a new face. But if you have too much debt, you've got serious problems.

You may think that keeping up with the payments on your debt is your biggest problem, but in reality, it's only part of the problem. You may be able to afford your payments, but there is still significant strain on your budget because of the payments - and this is a problem. You're taking money away from your budget that could be used to save for your future.

So how do you know if you are at the breaking point in your debt situation? There are some warning signs that can help you identify the problem before it gets completely out of control.

• You don't have any savings.

• You can only afford to make minimum payments on your credit cards each month.

• You use your credit cards while trying to pay them off.

• You have at least one card that is at or over your credit limit.

• You are late in paying your bills on time several times a year.

• You have no idea what your total debt is, and have no idea how to figure it out.

• You "rob Peter to pay Paul" regularly - meaning you use credit cards to pay other bills.

• You bounce checks fairly regularly and overdraw your bank accounts.

• You have been denied credit because of your shaky or bad credit.

• You are not honest with yourself or anyone else about your
spending habits and about just how much debt you really have.

Take action now. It can be hard work, but the sooner you begin to be honest with yourself, the sooner you can pay off your debt and get your finances - and your life - back on track.

If you are unsure how to go about it, find a debt counselor and get help. Every day you scramble around, unsure of what to do next, is another day you accumulate interest and more debt. Get started today.