Too much debt? The warning signs to watch out for

In our modern society, going into debt is a fact of life that is often unavoidable. For most people, it is almost impossible to purchase a home or car without taking out a loan to finance the purchase.  Usually these loans are repayable over many years. Going into debt is therefore not a bad thing as long as it is planned and has been carefully budgeted. Going into too much debt can lead to serious long term problems.

Even if you are consistently making your repayments, it means that you are diverting money from places where you would rather be spending it. Unnecessary credit card debts prohibit you from putting your money into things that you’d prefer, like a new car or a holiday.

Unfortunately, it can be difficult to identify the point at which your debt level changes from a normal amount that most people deal with, to a burden that can have a long term impact on your life.

The staff at Get Debt Free have compiled a list of indicators that may help you identify a debt problem. If more than one or two of the following apply to you, it is probably time for you to talk to someone and attempt to remedy the situation:

  • You don’t have any savings
  • You can only meet the absolute minimum repayments each month
  • You continue to purchase goods & services on your credit card whilst you are still paying off old purchases
  • You have at least one credit card, and possibly more, that is near or over its limit
  • You are sometimes late at making repayments that you owe, simply because you do not have the money for them
  • You aren’t actually aware of the total amount of debt that you have
  • You use cash advances on your credit card to pay off some of your bills
  • You lie to your friends and family about the amount of debt you have

It can often be painful to admit that you’ve got a debt problem. Denying your problem, however, will not solve it. It will take hard work and commitment to solve long term debt problems.

The longer you ignore your debt, the worse it will get. The helpful staff at Get Debt Free can help solve your debt problems. Call us on our toll free debt advice line on 1800 98 10 70, and receive the best professional advice available.