What Are The Signs That You Have A Debt Problem?

The mind is such a complex mechanism. If people sometimes don't tell you that you have a problem, you won't do anything until it's too late. Would you consider getting in and out of debt, a debt problem? Do I have a problem?

Agreed! When you said in and out though, I get this impression that you don't have a problem with debt, as you can get out of it. The question is, which also maybe is THE problem, "Why are you getting into debt in the first place?" Not only that, why when you were able to get out of it, did you have to be in it again??

Yes you have a problem.

Well I run into financial difficulties once in a while, make it most of the time, it's not like it's a game for me. I can't save at all. Of course after I borrow, I have to pay so I can borrow again. I seriously do not know of anyone who doesn't experience this. I even use my credit card to buy food and gas..and my partner doesn't know about this.

So far you said that you can't help getting into debt again, second, you are hiding your financial difficulties from your partner, and using your credit card for food and gas sound like a real problem. But not with debt maybe? It's more like with budgeting. You have a problem balancing your income and your expenses.

Hi borrowedtime, don't worry a lot of people are asking themselves that question too, and a lot more have found the answer to it- much too late!

Here are some questions you can ask yourself to determine whether or not it's time to see a counselor:

1) Is your credit card balances rising and your income stays the same or even decreasing?
2) Are you only able to pay the minimum amount required on your accounts or even less that?
3) Do you apply for cash advances or new cards to pay off the other cards?
4) You have several credit cards. Many?
5) And you're almost near if not at their limits?
6) How often do you charge more than what you can make in payment?
7) How much do you owe in total? Do you even want to find out?

More questions to ask yourself:

-Do you find yourself working overtime just so you can pay your credit card bills?
-Are you receiving collection calls and letters regarding your bills?
-Are you planning or thinking of (if you haven't already) on touching your IRA or other insurance just to pay certain monthly bills?

If you answer affirmative to those, you are in trouble.


-How is your income? Your job? How secure are you that you'd b able to come up with money to pay off your debts if/when you lose your source of income?
-Do you carry around enough cash?

If your answer to those is negative, you are in trouble.

You do have a financial problem borrowedtime-- but the good news is it's not yet a SERIOUS problem and that you can still improve your situation. A serious problem is a "yes" answer to the following questions, in addition to debtsecticide's questions:

+Have you recently been denied of credit or loan application?
+Are you considering filing bankruptcy?
+Is your financial situation causing you to be overly anxious and stressed out?

I agree with what everybody has said--it's good that you came into this forum to ask that seemingly comedic question, and if you can relate to any of those questions,  maybe it's time for a change of lifestyle. If you are living by the pay check, it is understandable that you won't think of appropriating money for certain expenses, as there's nothing left after you've paid off your bills, but you'd be surprised at the figures that you'd come up with once you start writing everything down. Your little expenses put together can actually be significant.

If there are other issues going on in your life that you feel you can't discuss here, and if your situation is beyond simple budgeting, try speaking with a financial professional. Fill out one of the forms that you find here and they'd advise you for free.

My view is that when you take a loan from that time you are in problem cause you need to repay it with high interest charge. So getting into it is a problem and so does getting out of it. Both are same just paying out the loan has become very hard now as recession is in the market.

I disagree. Not everyone who takes out a loan has problems paying it back. Furthermore, not all loans are extended at high interest rates. Typically, if you have strong credit history, getting a loan at a decent rate is not too much of a problem.

So, saying that taking out a loan is a problem in itself doesn't make too much sense as millions of people in the US every year satisfy their obligations with no trouble at all. While I agree with your assertion that the current recession has made it difficult for some to pay off their loans, I think your statement overall is a sweeping generalization that suggests nobody should ever even consider taking out a loan.