Unless we can admit to ourselves that we have debt problems, it is unlikely that we can do anything to solve them. Debt troubles often creep up on us, particularly if we are reluctant to recognise the first signs of trouble. So what are these warning signals that might be telling us that all is not well?
If you can answer 'YES' to one or two of the following signs, it may just mean that you have a temporary debt problem, but more than two means that alarm bells should be ringing, and it's time to take action.
Do you:
- Find that you don't pay off more than the minimum monthly payment on your credit card?
- Borrow more from one lender (or credit card) to pay off another?
- Slip into unauthorised overdraft on your current account at the end of the month?
- Receive final demands from utility companies and have problems in paying them?
- Juggle between credit cards to avoid going above the credit limit on one or more of them?
- Find that your Bank is not paying direct debits through lack of funds?
If you can answer 'YES' to more than two of these questions, don't panic. The hardest thing to do is to admit that you do have a problem, and once you have acknowledged this, then you can take positive action and get yourself out of the debt trap.
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