Save Money Seven signs you’re in debt over your head

The Denver Post - - BUSINESS - Cut ruth­lessly:

In­di­ca­tors that your debt is a prob­lem: • Your credit card bal­ances keep ris­ing. It’s best to pay credit cards in full ev­ery month. • At least one credit card is maxed out. • You can’t pay more than the min­i­mums. • You can’t af­ford to save for an emer­gency fund.

• You’re late on bills be­cause you didn’t have enough money on the due date. • You ap­plied for credit and were re­jected. • You’re get­ting of­fers for credit cards for peo­ple with dam­aged credit. HOW TO GET OUT OF DEBT Take in­ven­tory: First, make a list of ev­ery debt you have, along with the in­ter­est rate and min­i­mum pay­ment. Then, list your in­come and ex­penses for each month to as­sess your fi­nan­cial obli­ga­tions.

Find where you can trim ex­penses.

Do the math: Can you suc­cess­fully pay off this debt? If it’s more than 50 per­cent of your in­come, bank­ruptcy may be a more rea­son­able path. Nerd­Wal­let

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