Financial problems can affect anyone one day or the other. If you recognize yourself in the following situations, you may be in a problematic debt situation.
I only make the minimum payment on my credit cards.
By making only the minimum payment on your credit cards, you will pay considerable amounts in interest (up to two and a half times your balance) and it will take you years to pay off your debts.
- $ 3,000 = $ 6,360.54 paid / 15 years and 2 months to repay
- $ 10,000 = $ 22,110.45 paid / 22 years and 8 months to repay
- $ 25,000 = $ 55,860.57 paid / 28 years and 4 months to repay
- $ 50,000 = $ 112,115.55 paid / 32 years and 8 months to repay
By assuming, credit cards at the interest rate of 20% and a minimum payment of 3% of the balance.
I am often late in my payments.
Are you late in your payments (rent, television, internet, electricity, etc.)? If so, this is a sign that you are having financial problems. If you missed several months of payments, it means that your budget is not balanced and each month brings you closer to bankruptcy. Check before it’s too late.
I close the end of the month with credit.
If you need to use your credit cards or line of credit to balance your budget, it means that each month you increase your debt. If you do not correct the situation quickly, your debt will continue to inflate indefinitely.
My financial problems are a source of conflict with my relatives.
Finances are often a source of problems in couples. If your financial problems put stress on your personal relationships, this is a sign that you should consult a professional (a licensed insolvency trustee).
Collection agencies call me constantly.
If you do not dare to answer the phone for fear that it is your creditors who call you, it is probably because you have financial problems. We can stop their calls. Consult us.
If you recognize yourself in the situations above, we can help you! Ask for a free consultation to analyze your situation and we will take the time to suggest concrete solutions.