Unless you’ve had trouble with debt before you may not know or understand the warning signs you need to keep an eye out for. If we all knew them then perhaps some of us would not have got into the financial strife we have. If there is a possibility that by reading this short article you could avoid major financial meltdown, then don’t you think you should take two minutes to read it?
A very common and unnecessary behavior is having more than one credit card. If you’ve got more than one, get rid of one now! What is even worse is that if you have applied for a second (or third) credit card because your existing one(s) is maxed out. These sorts of decisions are the beginning of a very slippery slope. Credit cards are a tempting item to have, but one is more than enough for the majority of the population. When you are in this situation, don’t you think it is time to get the help of debt management consultants?
If you are working full time but you are unable to put aside around 10% or more of your pay check into savings, warning bells should be sounding. Not only is this important to train yourself in saving but you may need money in an emergency. Having some savings up your sleeve is a great way to avoid hasty credit applications for things like medical expenses or a new washing machine if yours breaks down.
Do you ever pay money off your credit card only to spend it again within the next couple of weeks? Are you only paying off interest charges and no principle to your debt? Is all your pay gone within 48hours of it going into your bank account? Are you working and yet have no financial budgets or goal in place?
All of these points mentioned above are huge warning signs. These are signs that should not be ignored. If you even check just one of the boxes then get in touch with a budgeting and financial planning advisor or even better A Debt Management Consultant. A little extra attention to your finances now and you’ll be rewarded with better financial practices and a plan for your future. A future that could see you financially free and not stuck with the burden of debt all your adult life.