As a Financial Literacy instructor and business owner, I hear all the time from groups in company team meetings: “how can I get my debt under control?” We are living in a society that has become limitless regarding debt; yet, sadly, it has not totally been within our personal control. We’ve just come out of one of the worst health crises in history, and the spiraling effect of the pandemic left hundreds of thousands of people, families, and businesses reeling.
Many businesses closed down completely. Many people were laid off. Many were evicted or lost their residence due to foreclosure. The tragedy of it is overwhelming to say the least. That’s why we dedicate our time and resources to helping people figure out how to navigate the road ahead. It’s like most things; it needs to be taken in small steps and consistent. There is always hope. Sometimes a little push in the right direction – someone to assess or give an expert opinion on how to help is all it takes.
Here are a few signs that you may have too much debt:
1. You're struggling to make payments: If you're having a hard time making your minimum payments, or you're constantly missing payments, it's a sign that you may have too much debt.
2. You're using credit cards to pay for necessities: If you're using your credit cards to pay for everyday expenses like groceries or utilities, it's a sign that you may not have enough money to cover your basic needs.
3. You're only able to make minimum payments: If you're only able to make the minimum payments on your credit cards each month, you'll end up paying a lot of interest over time, which can make it difficult to pay off your debt.
4. You're carrying a high balance: If you're carrying a high balance on your credit cards or other loans, it's a sign that you may have too much debt. Ideally, you want to keep your balances low to avoid paying too much in interest.
5. You're using one credit card to pay off another: If you're using one credit card to pay off another, it's a sign that you're in a debt spiral and need to take action to get out of debt.
6. If you're experiencing any of these signs, it's important to take a closer look at your finances and come up with a plan to reduce your debt.
If any of these sound like your situation, there are some amazing programs available to assist you in getting things back in order. Our team of resources are experts in their field, and they will educate and guide you every step of the way.
Reach out for a free consultation at 775-325-4649 or email us at info@mvplwrc.com. Let’s get your plan back on track, or create the one you’ve been meaning to start!
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