Carrying too much debt isn’t usually a problem that is noticed overnight. It is a gradual process and most times people don’t realize that they have amassed so much debt. Life hardships such as job loss or relationship breakdown can send your finances spiraling if the debt load is too high. Other times, the minimum payments slowly become too much to handle in your budget and payments start falling behind.
It is important to recognize when your debt becomes too much before it causes significant hardships in your life, such as facing a wage garnishment or asset repossession. Here are 5 Red Flags that you are carrying too much debt.
1. If you are struggling to pay all of your monthly bills on time and in full.
2. If you are only making your minimum monthly debt payments.
3. You are borrowing from cash advance companies, lines of credit or taking cash advances on your credit cards to meet your monthly obligations. Living in overdraft or from your line of credit each month.
4. You are receiving collection calls or past-due notices.
5. You are losing sleep or lie awake thinking about your debt.
The good news is there are options to help manage your debt load and get it under control! Reynolds & Associates Inc. is your solution to debt problems! We are a government licensed company located in Ontario. We offer interest-free debt services and can help settle your debts through bankruptcy or consumer proposal processes.
Call us today to see how we can help YOU!