We will all have to deal with debt at some point in time. Sometimes we don’t even see it coming. What we need to do is be smart about it. If we can recognize that we’re in a sticky financial situation and are willing to get help, we are one step closer to being debt free.
If Alcoholics Anonymous has taught me anything, it is that the first step to recovery is admitting you have a problem.
As I mentioned in the video, I have the opportunity to chat with the lovely people at A.Farber about anything and everythign debt related. To assist you in beginning to understand where debt comes from, they have given me a list of ten warning signs that you may be in debt:
- Using credit to meet monthly necessities
- Fully drawn on credit facilities
- Only making minimum payments and/or unable to meet monthly payments, or pay down principal
- Frequently rely on automatic overdraft protection on a chequing account
- Taking out new loans to pay off old ones
- Behind in rent, mortgage, or utility payments
- Being harassed or sued by creditors
- Constantly receive past-due notices on charges or bills
- Money troubles causing family problems
- Frequently worry about money problems
Debt has a wide spectrum in terms of severity. Even if you have minor student debt, it may be helpful to seek external help in finding the best way to pay it off and to budget your expenses.
Speaking of budgeting, here are some REALLY helpful tips on managing your money and your spending. It covers goal setting, how to budget, what to include in your budget (and what you may forget to include), and how to control your spending.
It’s always better to be proactive rather than reactive when it comes to debt so knowing how to allocate your money may be the best way to keep you out of financial hot water.
Do you have any questions regarding debt? Leave a comment or e-mail me at Romi.SYR@gmail.com by Thursday!
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Tags: A. Farber, Bankruptcy, Credit, Debt, Recession, Romi Levine, Screw You Recession, Student Debt
hey Romi, i was wondering what an acceptable amount of debt is for a student who is paying their own way through school after he/she has graduated??
THANKS!