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You know you need help from a credit counselor when . . .
It may sound like a comedy-routine opener, but lots of people know it's definitely not a laughing matter.
Many folks who are weighed down with debt opt first for self-help, trimming back on spending and keeping a close eye on accounts. But much as when getting into shape, some people have the willpower to shed pounds on their own, while others require the help of a personal trainer.
When do you need to call in a financial-fitness expert? Here are 15 instances that could indicate your balances are getting the better of you and that credit counseling might help.
You may need credit counseling if . . .
- Your credit card balances are rising while your income is decreasing.
- You are paying only the minimum amounts required on your accounts or maybe less than the minimums.
- You're juggling bills. For example, you apply for another credit card and use cash advances from it to pay an existing card.
- You have more credit cards than a smart gambler has poker chips. (See "How many credit cards is too many?")
- You are at or perilously near the limit on each of your credit cards.
- You consistently charge more each month than you make in payments.
More from MSN Money and Bankrate.com
- You are working overtime to keep up with your credit card payments.
- You don't know how much you owe and really don't want to find out. (See "What if you just ignore your debts?")
- You have received calls or letters about delinquent bill payments.
- You are using your credit card to buy necessities like food or gasoline.
- You use your credit cards no longer for the sake of convenience but because you don't have money.
Video on MSN Money
How to cut debtPlanning to pay off some debt this year? Here are tips from the pros.
- You are dipping into a savings account or your individual retirement account to pay your monthly bills.
- You are hiding the true cost of your purchases from your spouse. (See "Financial infidelity is rampant.")
- You're playing the card game by signing up for every credit card that sends you an unsolicited offer.
- You have just lost your job or are fearful that you are about to and are concerned about how you will pay all your bills. (See "How to not pay your bills.")
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