Is Your Debt Out Of Control? Watch For These 6 Important Signs
A 2021 CNBC report found the average American owes $90,460 in outstanding debt. Debt and credit can be valuable financially when buying a home or a vehicle, sending your children to college, and even getting leverage for other purchases.
But it's dangerous to amass a considerable amount of debt because it can lead to irreversible damage to your finances – especially if you struggle with setting financial boundaries.
So how do you know when you're in too deep?
You Only Make Minimum Payments
The card companies love it when you just pay off the minimum amount due each month. But, unfortunately, in a short time, you'll end up paying a chunk of finance charges, and it's going to take many months for you to pay them all off.
You Can't Get Credit
If you've already saddled yourself with a heavy debt load, you effectively lessen your chances of getting a new loan. However, if this is the case, lenders will worry about your ability to repay a new loan.
You Lie About Your Debt
If your debt bothers you constantly such that it prevents you from concentrating on other things and robs you of sleep, it's time to do something.
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