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How Can I Tell If I Am Headed For Credit Debt Trouble?

 | Jul 15,2007


The real easy way to tell if you're heading for credit trouble is simply to look at whether you spend more or less than you make. If you spend more than you earn and don't foresee any large sums of cash being dropped on you in the near future, there's a good chance you'll soon be carrying a sizeable debt.

Credit debt trouble is sneaky. It has a way of creeping up on you while you're out having a latte or paying for a car wash. New card offers keep presenting easy solutions of debt transfers, but eventually a day of reckoning comes and you have to pay what you owe.

While many people don't have the time to sit down and complete an analysis of where they stand financially, read on and simply ask yourself, does this sound like you?

Hey, I'm Making The Minimum Payments, I'm Fine

You are okay as far as the credit card company is concerned. You're going to accumulate a large debt with compounded interest by only paying 2 to 3 percent each month. They're going to make a huge profit off you.

Things Always Have A Way Of Working Out

Well, things do work out. However, sometimes that means learning hard lessons, like going in front of a bankruptcy judge. Nothing is wrong with a positive attitude, but don't mistake naivety for positivism.

If Things Get Too Bad, I'll Just Declare Bankruptcy

Some people actually knowing bankruptcy is inevitable go out and charge as much as possible in hope that they'll be able to keep their new possessions after their day in court. These people look at bankruptcy as if they just won a bunch of prizes on a game show. However, a bankruptcy is going to follow you for ten years. And it won't just show up on credit reports. Many job applications also ask if you've ever filed for bankruptcy.

I Won't Answer The Phone And I Won't Open My Mail

This hostile attitude in the long run is just going to make you miserable. You'll live in fear and shame when the irony is facing your responsibilities is so much easier. And if you have kids, it's even worse. What kind of example are you setting?

If this sounds like you, you could soon become entangled in a financial mess. Look into getting counseling or another kind of credit help immediately if you are in this situation.

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