Signs your debt load is too much

debtWe’d all love to be debt free, of course- but there are few among us that can claim that they are

How do you know when your debt load is becoming worrisome?

Pick a card, any card

Do you have multiple cards with multiple balances? This may be the product of opening up numerous cards to get discounts or the like, but if that available credit has accumulated over time, you may find yourself running into trouble.

Do yourself a favour and put all of your other cards away and use only one. Centralize your spending-and your payments.

You don’t know what you have

One  of debt’s sneaky weapons is the element of surprise. If you can’t account for how much (and to whom) you owe money, there is possibly just way too much of it.

You are stressed out

If money worries- basic money worries- about how you are going to pay your bills keep emerging month after month, an excessive debt load may be the culprit.

There is little that is more stressful than debt worries.

Cash poor

Do you never have an extra tiny bit of cash at the end of your pay period? That may be the result of you living beyond your means, cash-flow wise, or it may be a case that you’ve accumulated too much debt over time too. Debt has a sneaky way of taking over your paycheque.

Only the minimum

If you can only make the minimum payment on your credit card, then chances are the balance is too high. The problem with only making minimum payments is that you barely chip away at the principal debt, meaning that accumulating interest is only going to make it grow bigger.