You know you’re spending too much money when:
- You’re not sure how much you owe.
- You’re making only the minimum payments.
- You borrow from one credit card or credit line to pay another.
- You have to work overtime to keep up with your spending.
- You are consistently late with payments.
- You begin to be denied credit.
Other signs that you may be headed for trouble include:
- You’re at the maximum credit limit on your credit cards or other loans.
- You delay visits to the doctor because money is tight.
- You know that losing a job would create instant financial trouble.
- You get occasional calls from collection agencies.
Take control of your spending as soon as you recognize any of these warning signs. Not doing so could lead to bankruptcy, which is NOT a cure for financial trouble. Though millions of consumers declare bankruptcy every year, it definitely should be the option of last resort. Why? Because declaring bankruptcy may make it more difficult for you to obtain credit, not only now, but for up to 10 years (the period during which bankruptcy remains on your credit record). So, long after your period of financial stress has passed, you’ll still be dealing with the effects of bankruptcy.
Credit Tips from OneMain Financial:
- Should you use Credit?
- What Type of Credit Do you Need?
- Do you know the warning signs of too much debt?
- What if I can’t pay my bills?
Copyright © 2007-2011 OneMain Financial. OneMain Financial is not affiliated with Debtconsolidationloan.com or Infinamic, Inc.
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