OH MY GOD, ARE WE IN TROUBLE!

In a previous column we discussed ten warning signs for those who think they are managing their debt loads. But what if you’re already on the slippery slope?

If you are experiencing any of these symptoms, you have to know you’re in big financial trouble. It’s time to take corrective action now.

  1. You don’t have any savings.
  2. Ever-increasing amounts of your income go toward debt payments.
  3. After making a credit card payment, you increase your balance by the same amount or more.
  4. You’re unsure of the total amount of your debts.
  5. You’ve been declined when you tried to use your credit card.
  6. You’ve been denied credit.
  7. You bounce cheques.
  8. You’re getting demand letters and/or collectors are calling.
  9. You lie to members of your family about finances and/or hide creditor statements and bills and/or hide purchases.
  10. The only way to obtain more credit is by getting a co-signor.
  11. You depend on friends, family and/or parents to “bail you out” by borrowing from them.
  12. You rely on overtime or a second job just to cover your expenses.
  13. You’re thinking about bankruptcy as a way out.
  14. You regularly spend more than you earn.
  15. You and your spouse argue about money.
  16. You are resigned to thinking that only an inheritance or a winning lottery ticket can rid you of debt.

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