How to Tell If You Have a Debt Problem

  • I know that it's human nature to want to believe that everything will turn out fine. And, in most cases, it does. I've heard that 70% of the things that we worry about never happen. But sometimes things turn out fine because you see trouble ahead and take corrective action before it can do damage.

     

    It doesn't take a financial planner to see that many families could be facing a debt problem in the future. According to a report quoted in Forbes "The average U.S. household...owed $204,992 in mortgages, credit cards, and student loans in mid-2015 on a median household income of $55,192, according to data compiled by Sentier Research."

     

    As regular TDS readers know, all debt is not created equal. It's one thing to have an affordable mortgage and something else to have a continually increasing credit card balance.

     

    So how do you know whether it's time to start taking action now? I believe we can help with a tool that we just created. It's a checklist of debt warning signs. It only takes a few minutes to read. We don't record the results. So only you will know how you did. The benefits could be significant. A few minutes now could prevent years of pain later.

     

    And, yes, I know that if you think you might be getting in trouble it's tempting to not want to know. But ignoring a growing debt problem won't make it go away. Before you decide to ignore it ask yourself if you're willing to go through the pain that could be waiting for you later on.

     

    Keep on Stretching those Dollars!
    Gary


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