How Much is too Much Debt?
The following are signs that you may be carrying too much debt, and should consult a professional to learn how to reduce debt.
1. Inability to make minimum payments on credit cards.
Credit card debt can quickly escalate to grave proportions. If you cannot pay off your card in full, it is important to at least make monthly minimum payments.
2. Frequently charged late fees and credit limit fees.
When you are in debt, the last thing you need is to be charged additional fees, which will only spiral you further into debt.
3. Using credit cards, instead of cash, as a necessity.
If you don’t have the money to buy it- then don’t. Credit cards are often used as a crutch for expenditures.
4. Inability to contribute to a savings account or 401K.
How are you going to get ahead if you can’t plan for the future? It is always important to put aside money for unforeseen events as well as for your future.
5. Being denied for more credit.
When a credit card company will not approve you, you know that you have calculated too much debt.
6. Maxed-out credit cards.
Once again, if you can’t afford it- then don’t buy it!
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