Did you know that about 14 million people experience crushing debt? That is never a good feeling, even if you have a small amount of debt piling up.
Sometimes, all of that starts to add up, and we find ourselves buried beneath what we owe. Does this sound like it might be you?
If you do, you might have too much debt. If you want to know for sure, keep reading this article for the top seven signs.
1. You Can Only Pay the Minimum
The first sign that you have too much debt is when you can only afford to pay the bare minimum. Many people who accrue debt often attempt to pay more than what is required of them in an attempt to pay something off as soon as possible.
However, when debt piles up, it is difficult to pay it all off quickly, leading to further trouble down the road. Most credit card companies have the legal obligation to report how long it takes for a person to pay their balance. When they give this information, it affects your credit.
2. You Get Denied Because of Credit
When you go to the bank and ask for a loan, they might deny you. Along with that, you might find that you have issues finding an apartment.
You might also not be able to get a car loan. That is because owing money can bring your credit score down. That makes it hard to get approval for other things in life.
3. You Always Stress About Money
About 72% of Americans say they feel stress over their finances. Do you wake up every morning and go to bed every night worrying about money?
If so, that is a classic sign of too much debt. If you want to know some handy tips about managing your financial stress click here.
4. Most of Your Check Goes Toward Debt Payments
No matter how much you earn at your job, there should still be money left over from your paycheck. Many people often use this money for other expenses, like monthly bills and food.
However, if you have debt, you might find that you have nothing left over. That usually happens when the rest of your money goes toward paying off what you owe.
5. You Tell People You Are Not in Debt
Do you constantly feel embarrassed? Or do you ask yourself, “how much debt is too much debt”? If so, those are warning signs.
Many people who have these feelings will often lie to friends and family. That is because they do not want them to know how much money they have in credit cards and loans.
6. You Receive Letters About Debt
Debt collectors are vicious. Oftentimes, they do not stop contacting you until you make payments.
It does not matter if you have too much debt to divorce or have too much in school loans. Either way, you will receive countless letters and phone calls from collection companies.
7. You Cannot Get a Credit Card
The last tell-tale sign is whether you can get credit cards. Do you keep applying and the companies continue to deny your requests?
One of the main reasons for this is your credit score. Again, if your score is too low, finding companies to approve you is difficult.
If you find this to be the case, it is time to take a look at your credit score. You can then start making a plan to budget payments.
For More Signs of Too Much Debt and Other Financial Stories
As you can tell, there are several signs that you have too much debt.
If you want to learn more about debt, finance, and other lifestyle stories, we invite you to read the rest of our blog. If you find a category that interests you, we encourage you to submit an article for submission. If you have any questions or concerns, please feel free to contact us today.
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