Five Signs You May Have Too Much Debt

You know when you put on those favorite jeans and they are a little too snug… debt can sneak up on you when you’re not looking – just like some extra weight. Nobody wants that right? Rescue One Financial wants you to know about some early wanting signs to getting into debt. Being aware of these indicators means you can turn the situation around before the bills get unmanageable.

You Can Only Afford Minimum Payments

If you can barely afford the minimum payment on your credit cards, that’s a really bad sign. You’re prolonging the process and it’s adding up. Get on the phone and plead with the credit card companies to lower your interest rates. If you’ve paid on time and you have a good history with the creditor, the company will likely work with you. Check out Rescue One Financial Services YouTube to learn unsecured personal loans.

You Have Been Denied New Credit

You’re sailing along financially. Or so you think. Until you try and open that new rewards card and you’re rejected! It’s time to put on the brakes and take a closer look. The more debt you carry, the harder it is to get new credit. Your streak of credit approvals can quickly come to an end as lenders and creditors review your applications and decide that you’re overextended.

You Have No Savings Account

Having at least six months of cash reserve is recommended in case of emergencies. This comfortable nest egg is a sign of good personal finance management. When a job loss or medical emergency happens, you are prepared. If you’re spending all your money on debt payments, there’s probably little left for savings. This is a dangerous place to be in – especially if you’re constantly shopping and accumulating new creditors.

Too Casual With Your Cards, or Too Many of Them

It may be easier to spend plastic than cash, but that doesn’t mean it’s the best thing to do. You have to be careful when you pull out those cards that you have the cash flow behind it. Seriously consider if the purchase you’re about to make is something you want or something you need. If you have a stack of credit cards, you might also be bearing too much debt. Realistically, you don’t need more than two or three if you are on good terms with adequate credit lines and rewards that suit your needs. The more cards, the more potential you have to spend.

For more information, call Rescue One Financial today at (855)737-2831.