bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 2538  >> 

Debt Problem Warning Signs





Many Americans have over spent during the last 3 years. It has created a major credit problem for most. Here are some important indicators to help you see if you are on the verge of major debt problems:

You have little or no savings - Very often, people fall into bankruptcy because they have some unexpected expense. If you have no savings built up, it means that any medical emergency, car accident or other unforeseen challenge will have to be paid for on credit.

You only make minimum payments on your credit card debt - When you only pay the minimum balance on your credit card debt, you are practically giving you money away to credit card companies, lenders and banks. You accrue the most interest on your credit card debt making minimum payments, and thus you really are not solving your debt problems.

You continue making credit card purchases, even though you are trying to pay off those same cards - If you were trying to bail the water out of a boat, you wouldn't put it back into the ocean would you? The same logic applies to credit card debt; if you know you have a debt problem, put the plastic away until you can get the balance down to either zero or at least a manageable number.

You have at least one credit card or line of credit that is near or over its credit limit - A sure sign of a potentially major debt problem is when your lines of credit are all used up. If you do not have enough money in your paycheck to fund your expenses, and you have used up all of your credit lines, what will you turn to in order to make ends meet? Debt problems often begin to become obvious when a consumer has no money left just before rent is due, or a car payment. This is when you have nowhere to turn since all your credit cards are maxed out.

One last sign of debt problems is when you are occasionally late in making payments on your bills, your credit cards and other monthly expenses - Once you are late once, it becomes okay to be late a second time. Part of the snowball effect is when a consumer gets so overwhelmed with their debt problems that paying bills in general becomes too much. Soon enough, all of the mail begins to take on a pink tone (meaning Past Due notices) and potential debt problems become massive debt problems.

If you are wondering if your finances exhibit any warning signs of potential debt problems, check the above five warning signals. If one of more of these sounds familiar, you should immediately take stock of your finances and see where you can cut back, whether you can make more money or if you need some sort of outside assistance.


About Author J Chase :

J Chase is a debt settlement professional. He is affiliated with a national organization which has helped 1000s of people eliminate their debt effectively. He has extensive knowledge of the internal and national debt settlement programs available to help homeowners. For more information about these programs visit <a href="http://www.debtsettlerz.com/" target="_blank">http://www.debtsettlerz.com/</a>


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/240280


Article Added on Sunday, June 13, 2010
LD
Other Articles by J Chase

Debt Settlement Help Sure Signs Your Finances Are Headed over a Cliff
Here are 5 signs that you either have a major debt problem on your hands, or you are headed in that direction: 1. You have no clue how much total debt you have. A sure sign that you are either in trouble, or are on the brink, is not knowing how much debt you have outstanding. Odds are you are either ignoring your debt problem for fear of how big it has gotten, or because you do not think it matters. If you have no clue, you should sit down immediately and take a full inventory of the total...

Five Tips to Getting Free From Debt
As the current economy has placed many Americans into dire financial circumstances, here are some tips that can help you avoid bankruptcy and stay in a stable financial position in your personal finances: 1. Create a budget - It is very important to know how much money you have coming in every month as well as how much money is going out every month. You can use Microsoft Excel, Quicken, Quick Books or any number of other programs to help you organize your monthly expenses. 2. Organize Your...

What Are the Differences Between Debt Settlement and Bankruptcy
? The Law - Bankruptcy is a legal process, and the ultimate decisions regarding how the debt is treated is decided upon by a judge or justice. This means that once the bankruptcy is ruled upon by a judge there is no going back. Debt settlement is not a process taken up in a courtroom, and so an attorney is not necessary in order to go through the process. Impact On Your Life - Bankruptcy can, depending upon which form of bankruptcy you file for, affect every part of your life. All of your...

Can Debt Settlement Help With Holiday Bills
? The holidays are a highly stressful time for shoppers, especially shoppers who have children. In spite of the recession, parents, spouses and even coworkers might be pressured to make sure their loved ones are not disappointed with their gifts. This may lead people to spend money they just do not have, literally, by using credit cards, opening up department store credit cards, signing up for new credit cards or even using unsecured lines of credit from banks and other lenders. The term...

Debt Settlement How Much Money Are You Wasting
? When news outlets report interest rates, it can be difficult to understand exactly why a high interest rate is such a tragedy. What you need to understand is that when your money goes towards interest, you are not benefiting from the process; you are simply padding the pockets of the lender. If you are in a situation where your debt problems need to be dealt with immediately, you probably need to know which credit cards are creating the most debts. This largely has to do with how high the...

Debt Settlement Ten Steps to Living Debt Free
Here are ten tips on how to adjust to a debt free lifestyle. If you follow these tips you will be on your way to living debt free. Tip 1 - No excuses. It's always easy to make excuses for why credit cards are necessary I like to buy things online. Carrying cash is cumbersome, etc. However, if you are going to really life debt free, you need to eliminate you excuses and just suck it up. Tip 2 - Know your debt. Some day you will be debt free, but today is not that day. Gather up all of...

Common Debt Problems
Americans became quite comfortable throwing down the plastic for every little purchase that the average American carried thousands of dollars in credit card debt. In fact, the recent recession has found such high level celebrities as model Pamela Anderson, actor Nicholas Cage and celebrity chef Gordon Ramsey in major trouble due to their debts. In America, there are many debt problems which are common to most people. While celebrities might pay $10 million for a mansion that has marble...

Is Bankruptcy a Good Idea When You Have A Lot Of Credit Card Debt
? There are many myths associated with bankruptcy, mostly because people do not understand bankruptcy law, how bankruptcy has changed over the past decade or what bankruptcy alternatives currently exist. One popular myth people seem to believe is that bankruptcy can make all their debts go away. This is simply is not true. Certain types of debt can be erased, but others cannot. Child support, alimony, student loans and any debts related to a civil lawsuit may not be eliminated by declaring...

Debt Settlement The Truth About Your Credit Card Bill
To be fare, the unsecured credit bill did help consumers in a number of ways. While some critics claim it didn't go far enough, it did offer more protection than consumer had previous to the bill passing. For example, the federal bill banned hidden fees that the industry had become notorious for. It also banned the practice of universal default which allowed companies to dramatically raise interest rates on a credit card if the consumer was more than a month late on a payment. Other...

New Developements In Loan Modification News
Since the real estate crisis began, the federal government has been trying to assist borrowers as much as possible. Different mortgage programs were created to help those in need, whether they were about to fall into foreclosure or they had lost a great deal of equity in their homes. Some banks, such as Citi, have gone so far as to create programs that offer an abnormal type of assistance. For homeowners, these programs could give them the assistance they need to get back on their feet,...

Publishers / Webmasters
Article ID: 240280
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


114 Users Online !
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Linux Multi Domain Hosting Provided By AwareIndia







Company IDS