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How to recognize debt warning signs

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.

8 Common Debt Warning Signs

  1. Your creditors constantly contact you for payment of overdue bills
  2. You always make only the minimum payment on your credit cards
  3. You take cash advances from your credit cards or borrow money from family or friends to pay regular monthly living expenses
  4. Your wages are being garnished or your assets are being seized
  5. Bill collectors or collection agencies are calling you at work for payment of your bills
  6. You constantly pay interest and service charges on all your debts because you can’t pay on time
  7. You spend more than 40% of your take-home pay on your rent or mortgage, house maintenance and utilities
  8. 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.

Relief begins with a solutions-focused, free consultation.

Set up a confidential, free, no-obligation chat with a Grant Thornton debt professional near you to discuss your financial situation. Based on your unique situation, they will explain—in everyday language—what your debt solution options are.

Contact a Debt Professional
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