Glamour has a good quiz: Are you getting too deep in debt?
Some of the signs that you are too deep in depth:
- You have zero savings;
- You barely break even at the end of the month, or even worse, your credit card debt grows larger as you are forced to put more purchases on them to make ends meet;
- You are always late in your payments;
- You get calls from collection agencies;
- Your credit card companies add more fees because you are late for payments or go over your credit limit;
- You never pay more than the minimum payment on your credit cards;
- You are paying interest rates on your credit cards approaching 30%;
- You apply for credit so you can pay off other credit;
- You worry about any unexpected event that will leave you in a jam (car breaking down, sickness, etc.)
- You worry continually about how you will pay the bills that keep coming in;
If you have experienced any of these in the past few months, it is important to get help. Make a budget, go see a credit counsellor, seek advice about bankruptcy, talk to your creditors, see where you can cut your expenses…. Simply put, you must make radical changes and find a way of addressing your debt load before it is too late.