When to know it's time to ask for debt assistance

March 25, 2021 at 5:00 AM
Photo of a man stressed out in deep water becuase he is in need of debt assistance.

Many of us know how bad it feels to be overcome with debt. Not only does debt cause severe emotional strain on us and our affected loved ones, but it can also prevent you from growing your personal finances, attaining wealth, and accessing other financial opportunities.

While it’s easy to ignore our debt as long as we make those minimum payments, we might be missing out on the opportunity to reduce it or get it back under control with the help of debt assistance. Here are some signs that you should probably consider asking for help.

You’re relying on credit cards

We all know credit cards can be dangerous if we don’t have our finances in order. Emergencies do happen, in which we need our credit cards to cover necessary expenses. However, we need to stop relying on them for everyday purchases if we don’t have enough money to pay off the full amount each month.

Using credit cards to pay for things like rent, groceries, transportation, and other essential living costs is not sustainable and can cause large interest to build up. With finances in order, credit cards can serve as a vehicle to improve your credit scores, and the competitive industry has come up with some tempting benefits and rewards.

You're spending more than you are earning

If you are accumulating debt by relying on credit cards to make everyday payments, you’re likely spending more than you are earning. You probably already know that this behavior can be detrimental to gaining back control of your finances. Putting expenses on your credit card may be a temporary solution, but a lasting problem you’ll eventually have to face.

You don’t have a budget

Budgets are not just for people with a limited income. Everyone, no matter their financial status, should consider learning how to implement a budget into their financial management. A budget is a plan that helps you estimate how you spend your money.

By not having a budget, you could be missing out on the essential fundamentals of managing your money. With the help of a professional, you can learn how to properly budget your expenses and manage your income so that you can plan for the future.

You aren’t able to build up a savings

We’ve all been told many times how important it is to set aside money for the future or for emergency expenses that will ultimately come up. It’s hard to pay down debt while trying to save up a cash reserve. With a proper budget in place, all your money doesn’t have to go towards paying off debt.

You’re only able to make minimum payments

Not everyone has the ability to make large payments on their accumulated debt each month. Making the minimum payment each month can take you years to pay it off while you continue accumulating hundreds or thousands of dollars of interest. If you are making minimum payments each month but feel the debt isn’t getting any smaller, this is a sign you may need assistance with your debt management.

Asking for Help with Debt

If you realized you need to settle your debts, take the weight off your shoulders and turn to the professionals at DebtHelp, Inc. for debt assistance, trusted debt consolidation programs, or management tips to help you gain financial freedom.

We all know how hard it is to manage debt on your own. You should never feel embarrassed to ask for help, no matter what your situation is. Answer our Debt Plan Questionnaire to learn how we can help you manage your debt, or speak with us directly at (888) 254-4516.