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Credit, Loan, Debt?, How to identify the most common signs of debt problems ?
Agung
post Aug 28 2008, 12:48 AM
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How to identify the most common signs of debt problems ?
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georgem
post Sep 2 2008, 08:59 AM
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QUOTE (Agung @ Aug 28 2008, 03:48 AM) *
How to identify the most common signs of debt problems ?



Telephone calls from creditors is a real good hint. Course it takes an account 45 to 60 days , to hit the phone collection systems, these days. Even a Dork, should know they have a problem...They don't pay !!! screwy.gif


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Guest_asham111_*
post Sep 8 2008, 05:45 AM
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Guest_citicredit_*
post Oct 21 2008, 11:11 PM
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The first sign that debt is becoming more of an issue in your life than it should be is the incredible shrinking bank balance. Although you make enough to pay your regular bills, more and more of your monthly income goes toward servicing your rising debt. It gets to a point where money is tight, and you feel like you are choking because there is never enough money. Unfortunately, this situation creates a negative domino effect upon the rest of your financial life.
The first to fall is the credit card domino. Your lack of funds causes you to begin to take cash advances to pay your minimum balances or basic living expenses. You know that your gold card still has about $5,000 left on it, so you begin to use it to live on. Or, even worse, you begin to accept all of those credit card offers that come in the mail, and before you know it, you have 10 open credit cards.

credit info, Home loans, Car loans, Business loans, Credit cards,
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Johansen8
post Oct 24 2008, 02:00 AM
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this may be a good resource for you Is credit counseling right for you?


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MaskedMarvel
post Oct 31 2008, 05:08 AM
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I say if you can't pay your credit card each month, than you have a problem. You're living out of your way or buying things you can't afford.


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alfonsolorens
post Nov 21 2008, 04:03 AM
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QUOTE (Agung @ Aug 28 2008, 12:48 AM) *
How to identify the most common signs of debt problems ?


If you say 'yes' to any of the questions below then you need to start dealing with your debts and managing your money more effectively:

  1. Are you spending 25% of your take-home pay just to pay interest on unsecured loans (credit cards, overdraft etc)?
  2. Can you only afford to make the minimum repayments on any credit cards?
  3. Are you 'robbing Peter to pay Paul' (ie borrowing money to pay-off other debts?)
  4. Do you have a perpetual overdraft and use credit cards to buy essential items like food?
  5. Have you been regularly extending your mortgage over the last few years to pay-off other debts but aren't in the least bit worried because house prices always seem to go up - don't they?

To start tackling problems you must start by measuring the level of your debt - make a list of your various loans and find out exactly what interest rate you are paying on different debts. By identifying the most expensive debts you'll find out what has to be paid off first.



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salenacaitlyn
post Apr 23 2010, 10:15 AM
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1. Continuing to run from the problem will only get you in deeper trouble.2.Respond to your creditors and show them that you have an interest in working thins out. 3. Acknowledge to yourself that you have made some irresponsible decisions.4. Get professional counseling if it is warranted.5. Share your problems with a close friend or your spouse.6. Know that there is a way out and that this process and a debt-free destination are probably a better experience than the stress in your life today.


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Guest_vagomone_*
post Jun 12 2010, 11:31 AM
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If you think your debt level might be nearing the dangerous point, there are some ways for you to find out if you are controlling your money or if your money is controlling you.

Here are some indicators:

1. You don't know the balances of your bank accounts. Chances are if you aren't aware of how much money you have then you are spending money recklessly, especially if you are charging items to your credit card or have an overdraft. Even if your spending isn't a problem, not knowing your balances at all times could cause problems in the future.

2. You borrow money from others, even small change, and forget to repay them. If you can't even remember to pay a co-worker back for coffee the day before, it is likely you are having difficulty keeping track of the larger financial picture in your life, too.

3. You haven't set any money aside for taxes or retirement. If you aren't planning for your financial future, then you should be.

Hope it helps.

thanks.




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calbeach
post Jun 15 2010, 07:49 PM
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If you lose your job and cant live for 3 months without income, then thats where u know you are in serious problem.
QUOTE (Agung @ Aug 28 2008, 12:48 AM) *
How to identify the most common signs of debt problems ?



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Guest_neil012luff_*
post Jul 14 2010, 08:14 PM
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Another very solid tutorial. Thank you. Not something I can use right now but I bookmarked for the future
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