You Make Use of Credit to Pay For Monthly Expenses
One of the major signs that you need to speak to a debt counsellor is if you use credit to pay for regular monthly expenses. If this is occurring, it may be time to seek help. When you use credit every month, you risk losing your home or even going into bankruptcy. The debt counsellor can help you restructure your budget and find other ways to pay for your monthly expenses without using credit.
You Haven’t Managed to Save
Another sign that you need the help of a debt counsellor is if you haven’t managed to save a cent. You should have some money set aside for emergencies – if you don’t have any money for this, it cannot be easy to find a way out of your financial situation.
Missed a Payment on One of Your Credit Cards or Loans
Another sign that you need the help of a debt counsellor is if you miss a payment on one of your credit cards or loans. When you do this, it can put your finances in jeopardy, as well as your credit score. You should speak to a debt counsellor and explain the situation to them.
You’re Unsure of How Much Debt You Have
Another sign that you should speak to a debt counsellor is if you’re unsure how much debt you have. It’s important to keep track of your credit cards and loans so that you can make a budget. Alternatively, you can speak to the debt counsellor, who can help you figure out how much debt you have.
Worried About Your Next Mortgage Payment
Another sign that you should speak to a debt counsellor is if you’re worried about your next mortgage payment. If you don’t have the money to make your monthly payments, it may be time to seek help. It would help if you spoke to a debt counsellor who can help determine the best course of action for your finances.
No Emergency Savings Account
One of the signs that you should speak to a debt counsellor is if you don’t have a savings account set aside for emergencies. If this is the case, it can be difficult to get out of debt, making your finances problematic. When you have a savings account, you may be able to pay off your debt more effectively.
You’re Taking Out Debt to Service Debt
Another sign that you should speak to a debt counsellor is if you’re taking out debt to service your existing debts. While this may seem like an effective way to deal with your financial situation when you start, it can be difficult to pay off these new loans over time. If this is the case, it isn’t easy to gather enough money from other sources of income each month.
You Need to Make a Change
Finally, one of the signs that you should speak to a debt counsellor is if it’s clear that something needs to change. When you find yourself in a financial situation where it feels difficult to make ends meet each month, it can be time to seek help. Whether this means talking to family members or seeking professional help from a debt counsellor, it’s important to make the change when you need it most. When figuring out whether you need to speak to a debt counsellor, there are many signs to consider. If you’re unsure whether or not your financial situation requires outside help, consider the above indications. If you notice more than two of these signs, it may be time to seek help and speak with a debt counsellor.
