Want to save yourself from debt trouble? Read the article below to know how.
CreditMantri lists some warning signs of impending debt problems. You might not be late on any payments yet, but don’t allow yourself into a false sense of control if any of these symptoms arise or are already present:
You constantly only make minimum payments on your credit cards.
You hardly have any savings.
You have started to use your credit card for things you earlier used to buy with cash.
You are using increasing amounts of your total income to pay off debts.
You already have two or three credit cards and are still looking for another.
You are at or near your credit card limit(s).
You are unsure of the total amount you owe on all your debts.
You take out cash advances on your credit card to pay other bills/expenses
After you pay your credit card bill, you tend to increase the balance by the same amount the following month.
You have tried making a purchase with your credit card and been declined.
You write a cheque hoping to cover it before it clears your bank.
You lie to your spouse or family member about your spending or hide credit statements.
You have been denied a credit card.
Your bank has had to return your cheque for lack of balance.
You get calls from collectors.
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