Chicago Bankruptcy Lawyer Blog

1. You only make the minimum payments on your debt.
If you only make the minimum payments on your outstanding debt, you're looking at close to 30 years to completely pay off your debt. All of that interest money should be going into your pocket; not your creditor's fat bank account.

2. You have to cut back living expenses to make your monthly debt payments.
Budgeting is a good idea, regardless of whether you have plenty of money or struggle to make ends meet. However, if you've had to cut necessary items from an already well-developed budget, you may be in debt over your head.

3. You've borrowed money to repay outstanding debt.
Whether you're borrowing from family and friends or taking out a 'payday loan,' borrowing money to pay debt just gets you further in debt, and may be a warning sign that you're in financial trouble.

4. You have to choose which payments to make every month, and run late on some.
If you can't make all your monthly payments but instead have to 'pick and choose' which of your creditors to pay, you may need help to get back on track.

5. You sacrifice health care because you can't afford it.
It may sound hokey, but your health is your most important asset. If you're cutting expenses on vital services like health care, you could be putting your health and even your life at risk.

6. You've defaulted on one or more outstanding debts.
Once you default on a debt, your credit report suffers and you may even be subject to a legal proceeding to collect or resolve the debt issue. Once you default, you may need legal assistance to resolve your debt problems.

7. You work two or more jobs to make ends meet.
In a world of increasing debt, it's becoming more and me difficult for many Americans to pay their bills with only one income. However, if you're working two or more jobs to pay your debt, your quality of life is probably suffering.

These are a few of the most common things people encounter when they're being overwhelmed by mounting debt. If you've noticed any of these warning signs in your life, don't worry: there is a solution. Regardless of your situation, a Free Financial Analysis at DebtStoppers can help you figure out a game plan to get you back on your feet.