Any mature individual will always try to keep his or her finances in control. However there are some who cannot; and there are some very common tell tale signs which imply that a person may be on the verge of having a debt problem. Keeping it to yourself and from loved ones is not a good idea.
Even when money is managed properly after undergoing a minor debt management problem, if you are still using a large chunk of your salary to pay off debts, you should think about reducing this debt ASAP.
The most frequent signs of debt are bounced cheques or overdraft charges from your bank, one or more of your credit card(s) is always near or over the credit limit, there is nearly zero balance in your savings account; Paying bills late, paying more and more late fines, making still more purchases with a credit card; even though the last credit card bill has not been paid, are all signs of a serious debt problem.
If you are in debt hidding your financial situation from friends and family, is not a good idea. If your struggling to cope with debt you should take positive action and try to take the first steps towards financial freedom. Do not bury your head in the sand.
Making only the minimum payment required on credit cards, to spending more than you're earning; hoping to mange everything with the help of loans, and not keeping a track as to how much is spent and where it is spent are sure signs of financial debt. You might also be hiding bills from your spouse and arguing over financial matters, maybe you've been refused credit recently?
If you are using any form of credit, from credit cards to personal loans, maybe even a secured loan, to pay for food and petrol becuase you have to make ends meet every month you should seek professional debt management advice. In the UK you can visit your local Citizens Advice Bureaux and get FREE debt management help and advice. Look in the phone bool or Yellow Pages for a telephone number and make a start on tackling your debt TODAY.
Simon Duffy writes for the
debt blog a UK blog about
debt help and
debt management. If you're struggling with
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