5 warning signs you need a debt solution

If you feel like your debt is slipping out of control or you feel stressed or anxious due to the amount you owe, it might be time to consider a debt solution. At Get Debt Free we have helped thousands of Australians solve their debt problems through the use of formal debt solutions. If any of the below signs apply to you, you should seek professional advice now. Call our toll free line on 1800 98 10 70 to speak to an experienced debt solutions expert.

1- You don’t know how much you owe

If you have several debts with different creditors, it is important that you know exactly how much you owe to each creditor. If you don’t know the total amount you owe, your debt levels could reach a point where it exceeds your ability to repay them. This could may mean that you are unknowingly insolvent.

2 – You can’t afford to pay your bills on time

Ever get the feeling you are playing catch up with your debts? If you frequently miss your bill due dates because you don’t have the money available it is probably time to take a serious look at your finances and seek professional advice and help. Paying your bills late is not only a sign that you are in trouble but it may mean that you are insolvent. If you are not insolvent now, late fees and penalty interest rates can certainly worsen the situation fast.

3 – You have borrowed more money to repay the money you owe.

Sometimes, the pressure to repay can become so great that you turn to friends or family for help. This may be OK as long as you use the money to repay old debt and you have a solid plan to repay your family or friends. However if you spend that money your situation will obviously become worse.

4 – You have used all your savings

Most people in debt don’t have any savings. However, if you do have savings it is best to use your savings to repay old debt.

5 – You hide your debts from your family

If you have taken active steps to hide your debt from your spouse or loved ones, you need ask yourself why. Most people have some level of debt, but it is the level of debt that is the question and whether you can comfortably service the debt. When you can no longer service the debt is when you have a problem and you could be insolvent .

If any of the above 5 signs apply to you, you might need to start thinking about your debt situation now – do not ignore it hoping it will go away. If you would like to speak to one of our debt experts for free advice call 1800 98 10 70 today, or fill in the contact form and we will get back to you.