Is Your Debt Out of Control?
Find Out Here.
Potential debt problems can be spotted before they reach the
serious stage. By knowing what danger signals to look for, you
can take steps to prevent a problem before it occurs.
Look over the checklist below. If
any of these danger signals look familiar, you may be headed
for financial trouble.
You think of credit as cash, not debt.
Your debts are greater than your assets.
You owe more than seven creditors.
You are an impulsive or compulsive shopper.
You and your spouse are dishonest with
each other about your use of credit.
You don't know how much your monthly
living expenses are or the amount of your total debt.
Your expected increase in income is already
committed to paying off debts.
You depend on extra income, such as earnings
by a second person or overtime by the breadwinner, to help you
make ends meet.
You have less than 2 months' take-home
pay in cash or savings where you can get to it quickly.
You have to pay back several installment
payments that will take more than 12 months to pay off.
You have more than 20 percent of your
take-home pay committed to credit payments other than your home
mortgage.
You get behind in utility or rent payments.
You have to consolidate several loans
into one or reduce monthly payments by extending current loans
to pay your debts.
You cannot afford to pay for regular
living expenses or credit payments; therefore, you
- Take out a loan.
- Withdraw savings.
- Skip payments.
- Pay only the minimum amount
due on your charge accounts.
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Results: If at least four of the above statements
apply to you, examine your budget and look for ways to tighten
your belt. If you checked five or more, you are probably
headed for financial trouble. If you checked seven or
more, then you are in financial danger. |
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