If you feel overwhelmed by your debts, you are not alone. Most of America carries a considerable debt burden, and many find the weight of it to be stressful. However, knowing that you belong to such a large group of financially stressed people may not bring you comfort.
Carrying significant debt may not be such a burden if you also earn enough money to pay your bills each month. If you are finding that your paycheck is covering fewer and fewer of your obligations, you may be considering your options for getting out of debt.
Does this describe you?
Having access to a credit card or personal loan can bring a sense of relief when money is tight or an emergency arises. On the other hand, you may be feeling that money is tight all the time and that even a minor expense can feel like an emergency. How do you know when your finances have reached the danger zone? What are the warnings that you are one unexpected setback from financial disaster? Financial advisors suggest the following signs:
- You have several credit cards that are maxed out or near the limit.
- You are unable to pay more than the minimum monthly payment on your credit cards.
- You are skipping payments or paying late more often.
- You overdraw your checking account frequently.
- You use your credit cards to get cash advances to get you through the week.
- You are still charging on credit cards while you are trying to pay down the balances.
- You aren’t sure exactly how much debt you have.
If your paycheck goes to pay your debts so that you have nothing in your savings and no fund for emergencies, you may be ready to admit your debt is a serious problem. Without money to draw on if your car breaks down or you have a medical emergency, your situation may become desperate. You may find your finances difficult to think about, and you may also feel embarrassed that your family and friends will learn how bad your debt problem is.
Fortunately, there are options available to assist people in Iowa and across the country whose debt is out of control. By speaking with an attorney, you can learn of the alternatives for bankruptcy debt relief that will stop creditors from harassing you and offer the chance for a future without the stress of overwhelming debt.