Recognizing Signs of Overwhelming Debt

Recognizing Signs of Overwhelming Debt

It’s important to notice signs that show you might have more debt than you can handle:

Spending More Than You Make: If your expenses are often higher than the money you earn, and it’s more than 20% of what you earn, it could mean you have a debt problem.

No Emergency Savings: If you don’t have savings for unexpected situations or if it’s less than 3-6 times what you spend every month, it might leave you with money problems.

Using Future Money for Fun Things: Spending money you expect to get in the future on things you want can lead to serious problems in paying your debts. It’s a sign that you’re not handling your money well.

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