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Do
you make only minimum payments on your credit
card debt and
other revolving accounts?
The best advice, of course, would be to pay off your credit
card debt and revolving charges in full every month. Since this
is not possible for most people, it is highly recommended to
pay more than the minimum, if you can afford to do so. If minimum
payments or paying slightly more are all you can afford, this
is probably an indication that you are overextended and should
analyze your budget and make lifestyle adjustments. Any unforeseen
expense will throw your finances into disarray.
Have
you been declined credit or a credit line increase?
Being declined for credit is a sure sign that you need to examine
your finances. In making credit decisions, creditors use information
obtained from the various credit bureaus to determine your credit
worthiness based on what is known as a FICO or Beacon Score.
Therefore, if they decline you, it means that they feel that
your finances are either stretched to the limit or beyond.
Do
you have a savings account or find yourself exhausting your
savings to support your lifestyle?
If you are not able to set aside savings on a consistent weekly
or monthly basis there is cause for concern because you may
not be able to meet any unexpected situation that requires additional
financial resources. If you are exhausting savings to keep up
with your lifestyle, it’s a sure fire sign that you are
living beyond your means. A budget reassessment is definitely
needed.
Do
your credit card bills run approximately the same each month?
This may be a sign that you are living off your credit cards
to maintain your lifestyle or to pay for day to day living expenses.
It’s time to examine your budget and credit
card debt!
Are
your cards nearing or over your credit limit or have you ever
had a credit card purchase declined?
If you answered yes, this is a good sign that you are stretched
to the limit or already overextended. Many are still in denial
at this point. This is the time to get a good grasp on your
finances and work out a game plan to prevent further damage.
If you were more aware of your finances and realized how high
your balances were, you might have been able to avoid the situation.
Your creditors set your credit limit based on your credit history,
income and outstanding debt. If you are at or near this limit
it is a good sign that trouble awaits you if some hard financial
decisions are not made.
Do
you run up unaccountable credit
card debt each month or avoid
totaling up the amount of your outstanding debt?
If you can not account for the total amount of debt that you
owe, you may be avoiding the problem. Simply hiding your head
in the sand will not make the problem go away, it will only
get worse! You must immediately reassess your spending patterns.
Face up to paying off your debt in a more efficient manner,
even if it means doing without that coffee and donut you buy
every morning on the way to work. If you do not, you area inviting
catastrophe
Are
you relying on cash advances to pay your other bills?
Danger!!!! You are simply robbing Peter to pay Paul and you
are committing financial suicide! Your income can not support
your style of life. An immediate budget analysis is necessary
and professional help may be extremely useful.
Is
your debt so out of control or are you so ashamed of your debt
that you keep it from family members?
Hiding debt from family members is a clear sign that you are
in denial. The fact that you feel you have to hide your spending
behavior from loved ones indicates that you refuse to acknowledge
there is a problem. If you still cannot share the problem with
your loved one, seek professional
help on your own. The time to act is now.
Are
you living pay check to pay check?
Do you issue checks and then keep your fingers crossed in hopes
that by the time the check is cashed, you will have sufficient
money in the account to cover the check. Issuing checks on the
hope they will clear or, even worse, bouncing checks is a red
light that you are in serious financial trouble.
Are
creditors calling you?
Receiving calls from creditors is a sure sign of trouble. Ducking
these calls will not make the problem go away. Since most creditors
are unwilling to make direct concessions the use of a trained
professional such as a consumer
credit counseling service might be the only way to gain
control of the situation and become current again.
Click
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www.GoDebtFree.com
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