Getting into financial trouble can happen to anyone, even the most frugal, when certain life events like illness, divorce, or a job is lost. So, if even frugal folks can get into trouble when bad things happen, are there signs to look for, that can help anyone know they’re setting themselves up for a financial fall? ABSOLUTELY!

If you are doing any of the following things, you are heading for financial trouble:

  • Thinking that having material things equals building wealth
  • Having no idea of a budget
  • Maxing out credit card(s)
  • Rotating payments on credit cards
  • Only making the minimum payment on credit cards
  • Taking cash advances from a credit card
  • Hiding your spending from your family
  • Being late on bills regularly
  • Over drafting your checking
  • Borrowing from retirement (in South Carolina creditors can’t touch these funds)
  • Borrowing from sub-prime lenders
  • Cashing a check sent by mail from a subprime lender
  • Getting a Car Title Loan
  • Using (and rotating) Check Cashing Loans
  • Co-Signing ANY loan except with your spouse (and that’s no guarantee if He is hiding spending)
  • Playing the lottery thinking you will win a lot of money
  • Not knowing how much debt you really have
  • Rotating bills so you stay only one month behind
  • Renewing (flipping) any kind of debt, especially loan company, check casher and title lender debt

These behaviors are signs of financial stress and that a person is on “thin ice.” If you have these kinds of things happening with your finances, the best thing to do is stop borrowing, and pay down your debt as fast as possible. And if you haven’t any of these things in your financial life, please try to avoid things on the list. Bad life events can happen to any person, but you don’t have to add to your financial pressure by borrowing, or spending unwisely.

We have been appointed by the Federal Government as a Debt Relief Agency. We help people and businesses file for Bankruptcy under the United States Bankruptcy Code. © 2015 The Compton Law Firm

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