debt and you - free online debt help guide about managing your debts

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How do you know when your debts are
getting out of control?

Debt creeps up on you. The first sign that things are beginning to go wrong is when you regularly have more bills than money at the end of the month. Often people start off taking a small overdraft or leaving a little owing on their credit cards just to tide themselves over. But then they do not have enough to clear that debt the next month and so the amount they owe starts to escalate. Interest helps to build up the debt and before too long it can get out of control.

Here is a simple way to check how you are coping. Add up everything you owe excluding the mortgage. If that total is equal to less than three months take home pay, you are probably still on top of your debts. If it is equal to between three and six months take home pay you should not take on any more debt and you should try to pay back some of what you owe. If the total of your debts is higher than six months’ take home pay, you are already heading for trouble and you should definitely be looking for ways to reduce what you owe rather than add to it.

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How do you know when your debts are getting out of control?

How do you know when your debts are
getting out of control?