Many Americans are burdened by heavy debt loads: the average family now carries almost $10,000 just in credit card balances! If you are relying on credit to fill in the gap between what you earn and what you spend, you’re not alone. While credit can be a useful tool for surviving short term situations, depending on credit on a regular basis can be a very expensive choice.
Keep in mind that you probably didn’t get into debt overnight and you’re not going to become debt-free overnight either. CCCS is here to help you learn to live within your means, pay off debt and work towards your financial goals. Whether your are overwhelmed by your finances, or you just need a little help getting started or staying on track, your certified credit counselor can work with you step-by-step.
Debt Warning Signs
Ask yourself these questions:
- Are you arguing with your spouse over bills?
- Is an increasing percentage of your income being used to pay off debts? Are you near or at the limit of your lines of credit?
- Can you afford to only make minimum payments on your revolving accounts?
- Are you extending repayment schedules-paying bills in 60 or 90 days that you once paid in 30?
- Are you chronically late in paying your bills?
- Are you borrowing to pay for items you used to buy with cash?
- Do you put off medical or dental visits because you can’t afford them right now?
- If you lost your job, would you be in immediate financial difficulty?
- Are you threatened with repossession of your car, foreclosure on your home or with other legal action regarding your finances?
- Do you know you total debt, or are you afraid to add it up?
**If you said “yes” to any of the above questions, you could be in financial difficulty and should take steps to re-examine your priorities, budget, and credit obligations.
For more information on ways to manage your money click here.
For more information on debt click here.