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Signs you are headed for debt trouble

by , 11 November 2014

Do you have a feeling you are headed towards financial collapse but aren't sure of it? Then it's time to take a look at your spending habits and at your bank statements and figure out what you are doing wrong.

The following signs show that you’re clearly headed towards financial trouble.
 
1. You use credit cards for everyday purchases instead of paying using cash or debit cards.
 
2. You almost always run out of money before the end of the month.
 
3. You are frequently late in paying bills.
 
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3. You are considering refinancing your mortgage just to be able to pay off your bills or other debt.
 
4. You frequently skip credit card payments or ignore them altogether.
 
5. You only manage to make minimum payments on your credit cards.
 
6. You don’t have at least three months’ worth of income saved up for emergencies.
 
7. You use credit to purchase household items and other more expensive items.
 
8. You have more credit cards than you can count on one hand.
 
9. You don’t actually know how much you owe in debt.
 
10. Your job is unstable and you have no considerable funds to live on should you be laid off.
 
11. You are considering diving into your retirement savings to cover monthly expenses.
 
12. You feel overwhelmed by the amount of debt you have already managed to incur.
 
If this sounds like you, then a change is in order. Start living within your means, reducing expenses, and sticking to a monthly budget. Set up a savings account and contribute to it regularly, right after receiving your paycheck. Set up automatic withdrawals if you don’t trust that you will be able to save otherwise.

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