Answer yes or no to the questions below to find out if you are over-indebted.
Yes | No | |
---|---|---|
Are you spending more than 20% of your net income on credit card bills? | ||
Are you borrowing money to pay off debt? | ||
Are you paying your bills on time but running out of cash between paydays? | ||
Are you using your credit card to pay for basics because you don’t have cash? | ||
Are you paying for the bare minimum on credit cards? | ||
Have you been turned down for a consolidated loan? | ||
Are you looking into or are have you refinanced a loan to free up cash? | ||
Does the bank always ask for a co-signer? | ||
Are you financing your vehicle for six years or more? | ||
Are you consolidating loans but not closing the accounts from where loans originated? | ||
Are you always looking for the next big deal that’s going to get you out of debt? | ||
Are you waiting until near the end of your credit card’s grace period to pay, or requesting a higher credit limit? | ||
Are you experiencing problems with your family or spouse due to debt? | ||
Are you depending on family or friends to bail you out? |
If you answered ‘yes’ to two or more of the questions above, we recommend that you do a budget as soon as possible. If you have answered ‘yes’ to five or more questions above, we recommend talking to a debt expert to see where we can release some debt pressure.