Are you suddenly finding it difficult to juggle your finances but are not sure why? Here are some of the warning signs you may have missed which tell you that debt is beginning to overwhelm you.
No Money Left at the End of the Month
This is a major red flag which should never be ignored. If you find that your salary runs out long before the next payday you need to find out why this is and urgently. If after paying your regular bills you find there’s no money left for transport or food this means you need to ask for help.
You’re Borrowing Cash – From Anyone!
If your family and friends are suddenly avoiding you or telling you they’re too busy to talk on the phone this is a sure sign that they could be tiring of lending you money. Relying on family and friends to bail you out can eventually test your relationships to the limit.
You Start to Think a Pay Day Loan is a Good Idea
When you’ve already maxed out your credit cards and you start to note the details of TV advertised loan companies you are indeed on a slippery slope. Borrowing from multiple sources especially ones who charge high interest rates is a sure sign that your financial outgoings are exceeding your income and this is never going to get you out of debt. All you are doing is creating more debt.
You Become a Late Payer
One of the telltale indications of a person drowning in debt is that they start to pay later than the due date, make only minimum payments or they miss payments altogether. You then start to receive the dreaded ‘red letters’ demanding payment and threatening sanctions. Don’t just put these aside ‘to deal with later’; putting off payments and avoiding communication with your creditors will only make things worse.
You’re Not Sleeping
When laying awake into the early hours worrying about how to manage your finances is preventing you from getting a proper night’s sleep and you get up in the morning feeling weighed down by worry one thing is for sure – your health is going to suffer both physically and mentally. Studies have shown a strong correlation between debt problems and poor mental health.
If you recognise any or all of these signs then it’s time for you to take back control.
