If your credit card debt has become a crutch or is out of control, it might be time to seek debt relief options. How do you know if you've reached the point that help is a good idea? Here are a few signs that your debt might be out of control and that you might want to consider seeking advice about bankruptcy or other relief.
If you use your credit card almost every time you're at the register, you might be overextended and experiencing a cash-flow problem. If you're swiping your credit card at the coffee shop, the gas pump and to pay the 20 cents you own on overdue library books, then it might be time to take a serious look at your accounts. Are you swiping to earn points and mileage, and then paying off the account each month, or are you swiping because you don't have the cash in the bank?
Another sign of trouble is one or more maxed-out accounts. Unless you temporarily maxed out your card to make a single big purchase and you're paying it off in the next month or two, reaching the ceiling on account debt is usually a sign of trouble.
Other signs that your credit card debt is snowballing include a high debt-to-income ratio, consistently making only the minimum payments, making payments with other forms of credit, missing or being late on your payments and lying about your debt to family or friends.
If you see any of these signs in your life, don't let yourself get lost in feelings of guilt, stress or frustration. Take action now by speaking with a legal professional about your options for debt relief.
Source: The Motley Fool, "7 Signs Your Credit Card Debt Is Out of Control -- and 5 Ways to Fix It," Oct. 31, 2015