Debt - Warning Signs of Debt Out of Control
Posted at 10:40 PM
Warning Signs Debt is Out of Control - Forbes article
today Consumers Face Challenges in Handling Debt By Eileen Alt Powell of the AP talks about the impact of higher interest rates and high gas prices at two catalysts to people seeking credit counseling.
There seems to be a tendency for people to borrow as much as they can whether its a home equity loan, maxing out credit cards while thinking life will either stay the same or get better when in fact ~ interest rates go up, gas and food prices go up while paychecks don't grow fast enough.
Eileen Alt Powell quotes Consolidated Credit's Dvorkin on the leading indicators that a consumer is headed toward financial trouble.
What does that mean to us? It means that even if you are just starting to see yourself getting in over your head with payments then it's time to get back on track. Don't wait until you are in the throws of credit chaos - if you are having trouble stop and take stock of where your money is going and exactly how much credit card debt you have.
One way to get a handle on your debt is a software program called "Debt Cruncher" offered with Leo Quinn's Take Back Your Paycheck Again! an ebook with a unique but easy to use debt reduction plan.
Either way, get a handle on living without incurring NEW debt - it doesn't go away without leaving a mark on your future. Pay it off and take a deep breath - It is possible to live debt free.
Tammy
today Consumers Face Challenges in Handling Debt By Eileen Alt Powell of the AP talks about the impact of higher interest rates and high gas prices at two catalysts to people seeking credit counseling.
There seems to be a tendency for people to borrow as much as they can whether its a home equity loan, maxing out credit cards while thinking life will either stay the same or get better when in fact ~ interest rates go up, gas and food prices go up while paychecks don't grow fast enough.
Eileen Alt Powell quotes Consolidated Credit's Dvorkin on the leading indicators that a consumer is headed toward financial trouble.
He said juggling payments is one of the "leading indicators" that a consumer is in trouble. He added that other telltale signs are:
_ You only make minimum payments month after month.
_ You're taking cash advances on one credit card to make the minimum payments on others.
_ You delay - or are late, with important payments, such as the monthly mortgage.
_ You put off necessary activities, such as doctors' appointments.
What does that mean to us? It means that even if you are just starting to see yourself getting in over your head with payments then it's time to get back on track. Don't wait until you are in the throws of credit chaos - if you are having trouble stop and take stock of where your money is going and exactly how much credit card debt you have.
One way to get a handle on your debt is a software program called "Debt Cruncher" offered with Leo Quinn's Take Back Your Paycheck Again! an ebook with a unique but easy to use debt reduction plan.
Either way, get a handle on living without incurring NEW debt - it doesn't go away without leaving a mark on your future. Pay it off and take a deep breath - It is possible to live debt free.
Tammy
