Many people today are in debt and do not know what to do. The more they try to get rid of debt, the more they increase. Even worse, however, is when they think they are not so indebted.
So if you are wondering if you have a lot of debt, now is the time to analyze your financial situation once and for all and start working to improve it!
Signs That You Have Many Debts
You don’t know how much you should
Running away from your debts will not make them disappear. In fact, if you are unknowingly ignoring your accounts, you may already suspect that you have more debt than you can handle and are afraid to face it.
First, make a list of all your debts so you can understand how much you owe, and then make a plan to deal with it.
Even so that your debts do not increase, you must always plan the budget and also the monthly expenses.
You pay your bills after maturity because you have no money
If your bill payments are above your budget then you definitely have many debts. Unfortunately, paying late or the minimum card only makes you more indebted, because now you have to (in addition to the bill) pay interest rates.
Look closely at your monthly expenses to find out what you can eliminate to better pay your bills.
You don’t answer the phone because it could be the bill collectors
When collectors start calling you, your debts have become delinquent and non-repayable. You can avoid calls for a while, but don’t underestimate your creditors – they may decide to sue you for what you owe.
It is best to face the problem head on and talk to your collectors so they can come to an agreement and no one gets hurt more than they are already.
You borrow money
If you need to pay your bills using loans from family, friends, credit cards or cash advance places, you will only increase your debt.
In addition to getting to the point where you have no one else to borrow, you will have to pay both the lender and your creditors.
You lose sleep
Are you so worried about your bills that you can’t sleep at night? Do you turn this way and that thinking about how you will pay your debts? Of course, this is a sign that you have too many accounts out of control.
In addition, you may develop serious sleep disorders, such as insomnia and excessive daytime sleepiness, which can hinder you. in your work, as the next topic shows. In the latter case, you may still get addicted to sleeping pills.
Your counts affect your income at work
When your bills get in your way even at work, it’s time to do things differently. Losing your job is the last thing you need now; because a loss of income will get you into even more debt.
Try to focus as much as you can, even if you think you won’t. Focus on your priorities.
You broke your savings
The absence of savings itself does not always mean that you have more debt than you can afford. But if you ran out of savings to pay your bills, then you have a problem and need to fix it.
Your savings should only be used in emergencies, and yes, really this is an emergency. So starting today, change your lifestyle and try to be more responsible.
Do you use drugs or alcohol to escape stress
Many people resort to drugs or alcohol to get away from problems. It would be no different with the stress caused by debt. Even the high cost of drugs / alcohol can make your bills grow even higher.
Therefore, seeking treatment will be the first step you will have to take to get out of debt forever.
You can not buy necessary things without a credit card or loan
If you can only buy necessary things, such as one way, one credit card or one loan, then you do not have enough money to support your lifestyle.
Your salary may not be enough or you are spending more than your budget.
Either way, you need to figure out how to survive on your income or find a way to increase it.
You hide your accounts from your loved ones
Ask yourself why you feel the need to hide from whom you love your debt, and the answer will probably be why they will not approve.
If you can’t be honest about your accounts, you’re likely to get bogged down in them. You can also hide because they will prevent you from spending, meaning you are addicted to shopping.
But remember that it is unhealthy in any relationship with lies, so tell the truth and ask for help before it is too late.