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Warning Signs of Financial Trouble

Warning Signs of Financial Trouble

You use one form of credit to pay other debt (You are “borrowing from Peter to pay Paul.”)

You have taken one or more cash advances in the past few months

You have taken out pay day loans in the last 6 months

You have pawned the title to your car

You have to borrow or use credit to meet regular expenses, such as food and utility bills

You struggle to pay more than the minimum payments on bills

You are being harassed by collection agencies

Your creditors have recently raised your interest rates on your credit cards

Your outstanding credit card debt is more than 30% of your total available credit

Your financial problems are impacting your health, happiness, or relationships

Worrying about your debt is keeping you awake at night

You have student loan debt that you cannot pay

You have recently seen a reduction in your income

You have been through a divorce and now have half the income to pay your debt

More than one-third of your take-home pay is spent on housing

More than one-quarter of your take-home pay is spent on car payments, car insurance, repairs and gas

You are using one-quarter or more of your take-home income to pay credit card bills and unsecured personal loans

Your credit cards are charged to the limit

You have bounced more than one check in the past year

You have no savings

You are behind on house or car payments

You are being sued, your wages are being garnished, or you are facing foreclosure

You owe taxes you cannot pay

You are so far in debt in debt that you don't really know how much money you owe

You have medical bills you cannot pay

You don't know how much money you spend each month

You spend more each month that you earn

Spotting signs of financial trouble is the first step to turning your debt situation around. If you catch your problems early, you may be able to use credit counseling and budgeting techniques to solve your problems. If you feel that you have tried everything and still need help, it may be time to speak to a knowledgable professional. There is no reason to live under the crushing weight of debt. There is help available for your financial problems and it is just a phone call away.

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Melinda Murphy Dionne, Bankruptcy Attorney is committed to answering your questions about Bankruptcy, Chapter 13, Chapter 7, Debt Consolidation, Debt Management, and Debtors Court cases in Alabama.

I offer a Free Telephone Consultation and I'll gladly discuss your case with you at your convenience. Contact me today to schedule an appointment.

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