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Warning Signs of Debt: The Top Five

Posted on 23 October 2014

The trick to effectively gaining debt relief is not always as simple as making payments or devising a plan to tackle your debt problem. Often, the best thing is to recognize the warning signs of debt, and to know when to make a decision to break free and get out of debt once and for all. Recognizing the warning signs of debt while you have options can make a significant difference in the form of debt relief that you choose. Here are the top five signs that you are suffering with financial difficulty:

Living in your overdraft

Living in your overdraft is one of the biggest warning signs of debt, and an indicator that you may be headed for a major change. In general, it is not sustainable and will lead to a steady growth in debt. If you live within a cycle of using all available overdraft, replenishing your account only briefly on payday, you are in need of a debt relief solution.

“Maxing out” your credit

Pushing your credit to the limit is another big warning sign of debt, and a concern that you may not be able to repay it. If all of your available credit is at the maximum limit and has been for some time, you should look at options for stopping interest and reducing the total debt that you owe. A trusted Licensed Insolvency Trustee is perfectly positioned to walk you through your options.

Missing payments or paying late

Not making your debt payments on time is an indicator that you are struggling to cope with the amount that you owe. It is a warning sign that you are not in the best position to maintain all of the debt that you carry. It is important to consider your debt relief options that will break this cycle. Debt consolidation loans or a consumer proposal may help to reduce or even clear your debts, allowing you to begin a fresh financial start.

Borrowing against your own paycheque

Similarly, if you are borrowing loans till payday or funds from friends and family, it is time to seek debt relief. It may mean that you are not eligible for any new credit at your bank. It could also mean that you do not have enough funds in your paycheque to cover your basic living expenses while paying interest on your debts. Incurring new debts to payday lenders or people you care about will not solve your problem and may even complicate things further.

Stress, sleepless nights, and time spent worrying

Stress is one of the key warning signs of debt. If your health is being affected, it is undoubtedly time for a big change. At Spergel, we can review your options and help you get out of debt. Solutions such as personal bankruptcy or consumer proposal can reduce what you owe to your creditors and help you gain debt relief.

Find out more about your options for debt relief by calling us at 310-4321, visiting our nearest location for a free consultation, or completing our free assessment form online and one of our representatives will contact you directly.

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Helpful starting information:

What to Bring to an Appointment

To get the debt help that you need, please bring a list of who you owe and how much to each, a list of everything you own and your monthly household budget. Don’t have everything right away? Don’t worry – We will guide you through each step.

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Your Information

We’ll walk you through our application process. But, if you want to prepare for your debt free assessment consultation in advance, download our information form and fill in what you can.

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Calculate Your Debt Repayment Options

How can you compare your debt repayment options if you don’t know how much they will cost you? Your solution will become much clearer when you are able to compare costs.

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Ready to Be Debt-Free?

If you’re ready to be debt free, it’s time to meet with one of our knowledgeable Licensed Insolvency Trustees at your convenience and get started

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