Getting the Debt Help You Need
Four signs that you may need debt help
We’ve all heard of debt help, but the question that we often run into is are we at a point where we really need debt help or are we actually doing okay?
There’s not always a clear line between just being in debt and needing debt help. After all, everyone’s in debt right? While it’s true that most people have incurred some type of debt at some point in their lives, not everyone is in need of debt help. Whether or not you need debt help depends on a number of factors.
If you think you may be in need of debt help, look for the following signs.
Minimum Credit Card Payments
If your credit cards are maxed and you’re only paying the minimum payment each month, it may be a sign that you’re in need of some serious debt help, especially if you find that you’re missing some payments altogether.
Maxing your credit cards is never a good idea, especially if you can’t afford to pay them off in a timely manner.
Late Monthly Payments
If you’re making any of your monthly payments late, such as car payments or house payments, you are probably in need of debt help. Late payments can affect your credit rating and can actually cause your interest rates to go up. If you’re not able to meet your monthly financial obligations, debt help is probably a good idea.
Interest Only Payments
If you’re making interest only payments on your mortgage, you may be able to afford more house for your money, but you’re spinning your wheels when it comes to getting out of debt.
Interest only payments may be a sign that you’re in need of debt help and may also be a sign that you’re in over your head and that you’ve bought more home than you can afford.
Borrowing Money from Family and Friends
If you find that you need to consistently borrow money from family and friends, you are more likely than not in need of some serious debt help. Borrowing money from family and friends may be a temporary solution, but if it happens more than once it becomes a problem.
While it’s never easy to admit that we need debt help, the responsible thing is to acknowledge the fact and then go in search of the debt help that we need. In the long run, you’ll thank yourself for it.