How much debt is too much really depends on the individual. Only you know when you are outside of your comfort zone when it comes to your debt. However, if your monthly debt payments are leaving you with little to no extra cash at the end of the month – you are probably carrying too much debt and you may be in a debt problem.

You have a debt problem or are going to have one, if you:

  • Spend more money than you have coming in
  • Have no money left by your payday
  • Use credit cards as a necessity, rather than a convenience
  • Struggle to pay minimum payments
  • Take a cash advance on credit cards
  • Have been refused for a credit
  • Use one credit card or credit line to pay off another
  • Borrow money to make it from one payday to the next
  • Pay only the interest or monthly minimums on your credit card debt or line of credit
  • Have received phone calls from collection agencies
  • Dipped into savings or retirement money
  • Pay late payment fees
  • Regularly pay overdraft fees
  • Frequently pay bills after they’re due
  • Miss bill payments
  • Have lost sleep over finance
  • Have been threatened by the creditors to garnish your wages, sue you or repossess your car, furniture or house
  • Have lost sleep over finance

If you are facing any of these debt warning signs you should be looking for ways to help you with debt.  You might consider seeking professional advice to have more formal control over debt. There are many debt relief options available and it is possible to reduce your debt to a manageable level. Taking action today can help you improve your credit and overall financial situation while saving a significant amount in interest.

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