10 Signs Of Serious Debt Trouble
Posted on October 16, 2007 in the Credit, Debt, Money category
.Bankrate and Yahoo both had articles recently around signs that you are in serious debt trouble. I tweaked their lists to come up with the top ten signs that you are in serious debt trouble.
- Your credit card balances are rising while your income is decreasing.
- You’re unable to make the minimum payments on your credit cards
- You use cash advances from one card to pay another
- You are at or perilously near the limit on each of your credit cards.
- You are frequently charged fees for late payments or for going over your credit limit
- You use credit cards are no longer used for the sake of convenience but instead are used to buy necessities like food or
- You consistently charge more each month than you make in payments.
- You devote more than 20% of your take-home pay to making payments on credit cards and loans other than your mortgage
- You cannot make contributions to your savings and retirement plans because of the amount of debt payments that you have
- You don’t know how much you owe and really don’t want to find out.
How many signs do you have?
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