Early Signs You Need Debt Management
Like any disease (which is exactly what debt is), the best way to fight it, is to prevent it rather than cure it. The number of bankruptcies is growing astronomically and one should realize that it is something that could happen to any one of us, unless we are prepared. This can be done by being able to tell the signs of a coming debt trap and immediately take corrective measures.
Here are a few signs to warn you to change your course before it becomes too late:-
1. Inadequate or No Health Coverage Medical bills are one of the five largest factors that cause bankruptcy. Make sure that you do not fall to it. Make sure that you are adequately covered so that you do not fall prey to any unforeseen medical expense, for most medical expenses are unforeseen.
2. Maxing out your Credit Cards Credit card debt is one of the other big five reasons that people fall into the dept trap. If you have reached the limit on any (or dare I say all!) of your credit cards, then you need to stop using credit cards and pay it off immediately.
3. Charging more to you Credit Card than you can pay off Credit cards have invited the misappropriation of funds by just about every individual who has them. The golden rule for using a credit card is to make sure that you pay off the entire outstanding every month.
4. Paying the minimum balance on your Credit Cards If you find yourself paying only the minimum dues on your credit cards you will find yourself paying more and more interest. You need to make sure you can pay as much as possible if not the entire amount as soon as possible.
5. Improper use of Home Equity Loans The only advisable time to take a home equity loan is when you are using the funds for asset building by way of home improvement. For all other times, wait out the urge.
6. No Emergency Funds If you do not have at least three to six months of living expenses in an emergency fund which can be easily liquidated, you are setting yourself up for a big problem.
7. Tax lien, foreclosure on your home or repossession of a car Needless to say, if any of these happen to you then it is a clear sign of financial mismanagement. You need to go back and understand why this happened and how not to let it repeat itself in the future.
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