How much debt is too much debt? You have a mortgage, a car payment, credit cards bills, but how much is too much for one person to deal with? You may be struggling with debt and not even realize how bad it truly is for your life. Fortunately, there are some pretty telltale signs that you could actually benefit from debt relief.
You Owe More Than You Make
When you sit down and look at your monthly bills, what is your total amount? Compare this amount to your monthly income after taxes. In a severe debt situation, your monthly bills will be larger than your take-home pay. This means that even if you dedicated your entire paycheck to paying down debt, you still would fall short. This situation can be frustrating, but there is help available to you in the form of free legal assistance.
You’re Constantly Paying Bills Late
Another sign of a serious debt situation is if you are constantly, month after month, paying your bills late. Not only does it impact your credit score to pay bills late, but you are surely paying extra fees too. This can cause your debt to actually increase instead of decrease over time. If you are always playing catch up with your bills, it could be a sign that you need some extra help tackling your monthly debt.
You Can’t Pay Your Bills
Depending on the amount of your debt and your current income, you may not be able to pay your bills at all. This situation is definitely a sign that you need debt relief. When debt isn’t paid month after month you can incur a variety of fees and additional charges. Very quickly your debt can start to snowball and increase significantly, making it even harder to get yourself out of this debt.
Your Debt Is Growing Not Shrinking
When you are actively trying to reduce debt, it should be decreasing month to month, even if it’s just a few dollars at a time. However, if you notice your debt getting larger each month, this could be a sign that you need debt resolution assistance. Growing debt can have negative impacts on your mental health, happiness, productivity, and so much more. By seeking help you can understand how and why your debt is growing as well as what you can do to change it.
Do you have any of these signs in your life right now? You may be struggling with debt each and every day, you just aren’t sure what to do. There are legal options available to you that can help relieve some or all of your debt. Working with a pro bono lawyer can help you understand your debt as well as come up with a plan to get rid of it. A lawyer can also help you execute any process necessary to help alleviate your debt. Think about how wonderful life will be when you have your debt thoroughly under control.