Warning Signs Of Credit Problems

If you can recognize the warning signs of credit problems, you can do something about it. Take an honest look at your financial management patterns to recognize the warning signs. Ask yourself difficult questions and give honest answers.

Be honest about how you pay your bills:

Are you consistently charged late fees on all your bills?
Is it hard to decide which bills to pay each month?
Are you only able to buy groceries by using your credit card?


Be honest about your credit cards and loan
s:

Do you spend more than 20% of your net monthly income to pay for your credit cards?
Have you ever borrowed money to make payments on existing loans?
Are your credit cards maxed out most of the time?
Do you have so many credit cards that you can only pay the monthly minimum?


Be honest about your priorities:

Have you ever put off something important, like going to the doctor, because you didn't have enough money?

Do you work a lot of overtime or have a second job just to pay your basic living expenses?

If you answered yes to any of these questions, you're not alone. You probably have friends or family members who've been in some of these situations before. You might even know people who've struggled to stay afloat financially their whole lives.

It's easy to fall into the trap of financial instability. But, while it may seem difficult at first, it's not impossible to get yourself out of the trap. Start by learning how to cope with your financial crisis. Then you can find ways to climb out of the trap, achieve financial stability and restore your credit.

 

Restoring your credit

 

 

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