When is it time to stop trying to pay off your debts all on your own and instead to seek professional help? There’s so much stigma around seeking help with your debt that it can be hard to know when that time has come.
Here are three signs that it might be time to look for outside help with your debt situation.
You Can’t Make Even the Minimum Payments
Once you get to the point where your debt has built up so much that you can’t even pay off the minimum amount on each of your debt accounts, then it’s seriously time to look into your debt relief options.
A lot of people will continue to try and pay off their bills on their own, when it’s really just not realistic. This fact is often obscured by the fact that different bills come at different times, so it’s easier for people to convince themselves that they’ll be able to pay that next bill.
But if you add up all the monthly minimum payments all in one place and look at it objectively, you’ll get a much clearer picture. If you can’t realistically afford to pay the monthly payments for the next six months, then you might want to consider professional help.
You’ve Lost Track of How Much You Owe
If you owe mortgage debt, credit card debts, auto debts, tax debts, personal loan debts, and so on and so forth to the point where you don’t even know how much money you actually owe, then it’s probably time to look for some help.
Without knowing where you actually stand with your debt, you have just about no chance of getting rid of your debt. The very first step of clearing your debt is knowing how much you owe.
If you can’t quantify your debt, chances are it’s time to seek professional help.
You’re Digging a Deeper Hole
If the amount you owe to your creditors is growing rather than shrinking every month, then you have a serious problem. If you can’t resolve that issue within the next few months, then it’s time to consider other options.
One common reason people get into more and more debt is because their credit bills are so high that in order to meet the minimum payments, they need to take out even more debt for everyday expenses.
This is a sure-fire path to credit and financial ruin. Rather than following that path to completion, seek professional help.
These are three signs that your finances are deteriorating and that it might be time to talk to someone who can help. Most debt professionals will be happy to have a conversation with you about your options free of cost.