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.
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
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
Once again, if you can’t afford it- then don’t