Some debt is a part of life for pretty much all of us. So a fair question is, when does a “normal” amount of debt become too much? And when does a financial bump in the road becomes a serious financial concern? Take a look at the following statements. The more that apply to you, the more concerning your personal financial situation might be.
- Your creditors constantly contact you for payment of overdue bills
- You always make only the minimum payment on your credit cards
- You take cash advances from your credit cards or borrow money from family or friends to pay regular monthly living expenses
- Your wages are being garnished or your assets are being seized
- Bill collectors or collection agencies are calling you at work for payment of your bills
- You constantly pay interest and service charges on all your debts because you can’t pay on time
- You spend more than 40% of your take-home pay on your rent or mortgage, house maintenance and utilities
- You are always making arrangements with your creditors to catch up on missed payments
If one or more of these look familiar, you may have a debt problem—or be heading for one. Take action now!
There are many ways to address a debt problem. Schedule a free consultation with a Grant Thornton debt professional for help taking the necessary steps to get your finances back on track.