6. Supplementary income is required to pay down debt
To make the minimum payments, you often work overtime or earn money through part-time gigs because your regular income simply isn’t enough.
7. You have maxed out at least one card
Some people have maxed out cards in their arsenal because of high interest rates, while others just feel the need to keep spending until the funds run out. Regardless of your situation, the balances will more than likely continue to expand beyond the credit limit unless you take action.
8. You can’t stop using your credit cards
Speaking of maxed-out credit cards, is your credit card burning a hole in your pocket? And do you constantly feel the need to make yet another purchase on credit once a debt balance is paid off?
9. You rob Peter to pay Paul
A clear indicator is juggling payments between creditors because funds are limited. In some instances, cardholders may even take out a cash advance from one credit card to make the monthly payment on another.
10. You do not qualify for new accounts
Maybe you are looking to make another large purchase, or you just need another credit card to help you get by until things get better. But the debt-to-available-credit ratio is just way too high, barring you from qualifying for additional accounts.
11. Late payments are the norm
If you are left with no available resources after working overtime, taking on an extra gig, and robbing Peter to pay Paul, the due date may simply pass you by. And the sad part about late payments is that not only do they affect your credit, but it can be difficult to get caught up once you are behind.
Are you stuck in this rut? Check out these posts:
- Is 2015 the Year to Tackle Your Debt? 10 Tips to Find Free or Low-Cost Help
- Can’t Seem to Save? You’re Not Following These Simple Rules
- New Year, New You, New Us
Do you know of any other signs of too much credit card debt? Feel free to share in the comments below or on our Facebook page.