Unfortunately, the recession has certainly hit some people harder than others. Many people are living paycheque to paycheque. It is important – especially during this time – to save money and keep yourself from racking up too much debt from credit cards, mortgages, and other expenses. Although, some people feel that shopping and spending money is a form of stress relief. These people need to control themselves so that they do not fall over the edge.
According to an article published in the Globe and Mail, there are nine signs to look out for that indicates you are close to falling off that edge and diving into a deep sea of debt to the point where you are unable to make your credit card mortgage payments.
- Late fees.
- You can’t pay all of your bills.
- Making minimum payments on credit cards.
- No emergency savings.
- You can’t afford maintenance.
- Reduced income.
- Using credit or cash advances to pay bills.
- Using your retirement fund.
- You’re maxed out.
These nine signs need to be carefully considered. If you feel that you portray any of these signs, it is probably in your best interest to consult a professional mortgage broker and come up with a strategy before it is too late and you fall off the edge.
