Before you can determine the best course
of action to achieve financial stability, you need to take
a look at where you are right now.
Danger signals The
following are some of the most common danger signals that
individuals need to recognize and address before their financial
difficulties become serious problems:
I am afraid to answer the phone because
it might be a collection agency calling.
I am spending 20% or more of my take-home
pay on loans and credit card payments.
I go over my spending limit or use
credit cards as a necessity rather than a convenience.
I only make the minimum payment on
my credit card balances.
I have received second notices about
overdue accounts.
Creditors have threatened to sue,
repossess my personal property or hire a collection agency
to recover their money.
My wages are being garnisheed to pay
for outstanding debts.
I borrow money for household expenses
from friends and family to make it from one pay cheque to
the next.
Utility companies have cut off service
because of outstanding bills.
I pay one creditor one month and another
the next because there's not enough money to pay both.
I pay excessive interest or service
charges because I don’t pay bills on time.
I am renegotiating loans to cut monthly
costs or looking for a consolidation loan to pay off old
bills and a few new ones.
I am looking for a consolidation loan
to pay off other consolidation loans.
Financial problems are affecting my
health, job or marriage.
If you answered yes to any of the
previous statements, you have financial problems and are heading
for trouble. The longer debt is ignored, the worse it gets
and the more difficult it becomes to fix problems. |
