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Blog Post for Credit Counselor


Mar 17, 2023

6 Signs It's Time to Seek Help Managing Your Debt

Debt is a normal part of life and can actually be really useful when making large purchases or evening out inconsistent cash flow. But when it starts to spiral out of control, it can be overwhelming and ultimately hurt both your financial and personal life. If you find yourself struggling with debt, it may be time to seek help. If you're not sure, here are 6 signs that you might need help managing your debt:

  1. Making minimum payments: I know it's tempting sometimes but if you’re only making the minimum payment on your credit cards each month, you're likely not making a dent in your overall debt. This means your debt is growing month over month.

2. Using credit to pay bills: Building your credit is great but if you’re relying on credit cards to pay your monthly bills, it’s a sign that you may be in over your head. This is particularly an issue if you cannot pay them off right away.

3. Constantly worrying about debt: If you find yourself losing sleep, constantly thinking and worrying about your debt, book time to talk about it with a professional.

4. Receiving calls from collectors: No surprise here but if you’re getting calls from debt collectors, it’s a sign that your debt has become a serious problem and you should get help as soon as possible.

5. Ignoring bills: Out of sight out of mind? Not so much. If you’re avoiding bills or ignoring them completely, this may mean you have other debts you've been neglecting that are slowly growing.

6. Using retirement funds to pay debt: Can't even think about retiring? Well if you’re dipping into your retirement savings to pay off debt, this is not only making it harder to retire but also a sign that you should seek professional help to manage your debt.

If you’re experiencing any of these signs, you're in the right place. It’s important to take action and seek help. You can start by reaching out to a credit counseling organization or financial advisor for support. With the right help, you can get back on track and regain control of your finances.

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