5 signs that you have debt problems
Did you know that over 40% of Quebecers are systematically worried about their financial situation ?
For many reasons, your financial situation can deteriorate over time, and you can quickly find yourself in over-indebtedness.
To avoid being overwhelmed by your debts, it's important to realize early on that you're in financial difficulties before it's too late.
To do so, trustee in bankruptcy N. Séguin presents 5 signs that you may have debt problems.
1. Your income doesn't cover your expenses
To obtain a good financial situation, your income must exceed your expenses.
You can include :
- Your salary
- Your family benefits and alimony
- Your housing benefit
- Employment insurance benefits
- Any other income you may receive
Your expenses consist of :
- Your rent
- Your credit card or loan repayments
- Your food expenses
- Your personal expenses
- Your insurance
- All other expenses
If your income is lower than your expenses, you are certainly in a worrying financial situation. The revenue/expenditure ratio should be at least equivalentYou're not building in a margin of safety for the unexpected.
2. You have a hard time making ends meet
More than 39% of Quebecers say they have difficulty paying their bills at the end of the month. This quickly becomes a warning sign of debt problems.
When you pay your bills late or leave them unpaid, your debts pile up and you quickly find yourself overwhelmed as the months go by. It's important to act fast before you find yourself without electricity or housing, for example.
3. You struggle with your credit cards
Your credit card says a lot about your financial situation and debt problems. If any of these situations apply to you, it could be a warning sign:
- You're having trouble paying off your credit cards in full
- You pay only the minimum required for your credit cards
- Your bank accounts are overdrawn
- Have you ever had your credit card refused in a store?
- You use one credit card to pay the balance on another credit card
If your credit cards frequently exceed your repayment capacity, you're at risk of debt problems.
4. You ask for help
Debt problems often result in the loss of income. seek help from family, friends and loved ones. You'd like to get your peers to pay off your credit cards to remedy your financial situation. This can prevent more frequent debt problems.
5. You are worried
Debt problems are a major source of stress, worry and upheaval. Vous avez de la difficulté à bien dormir et vous avez peur de votre financial future. Ces sentiments négatifs prouvent votre incertitude financière. Regulating your debt problems will prevent you from being in a psychologically uncomfortable situation.
These signs resemble your current financial situation, and you are experiencing debt problems, contact our bankruptcy trustee N. Séguin. We can help you regulate and correct your debt problems with the debt consolidationthe consumer proposal and the personal bankruptcy.
