Posted on 19-05-2011
Filed Under (debt consolidation, saving money) by Alice

There are thousands of Americans every year that receive notices from collection agencies that are trying to collect on their debts. Many times these agencies will add extra fees on top of their past due balances.  So what are some signs that you have too much debt?

  1. You always make late payment on bills

    If you are frequently making late payment on bills, it can be a sign of too much debt. You don’t have money to make payment, that’s why you have to wait for next income to arrive and pay your bills after the due dates. Paying your bills late will make the debt problem worse because you have to pay extra charges like the late payment penalty and higher interest rate.

  2. You are avoiding phone calls from bill collectors

    You have financial hardships to meet the payment due date. When the bill collectors call you, you don’t answer to calls because you have delinquent payments that you are not affordable to pay for. Avoiding the bill collectors’ phone calls can’t solve your debt problem, it will get more serious if you keep ignore it. The creditors may decide to sue you for what you have owed them. This is a clear sign of too much debt. You have to find a debt solution to handle it so that you can restore your financial back to normal.

  3. You do not have enough earnings to cover for monthly bills

    If you need to borrow money to cover for the necessary monthly bill payments, your expenses are more than your earnings. Keeping your current spending behaviors and the need to borrow money from friend and family, or even swipe your credit card for cash advances showing that you have too much debt. You may need to a financial planning and come with a more affordable budget plan to spend within your financial capability.




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