Signs of a Debt Management Problem

Reducing Debt and Steps Toward Effective Debt Management...

Managing Debt

My Cash Advance.net payday loans is a good way to tie yourself over between paychecks when unexpected expenses arise. However, it is no substitute for an effective longterm financial plan. If you find yourself needing quick pay day loans month after month, you may have a debt management problem.

My Cash Advance.net has put together this short section about managing debt to help you gain control of your financial situation and reduce your need for payday loans to emergency situations.

Signs of Debt

Before you can overcome a debt problem you have to recognize it for what it is. If your spending time worried about your credit card limit and overdue loans are keeping you awake at night, you probably already know you have a debt management problem.

Signs you have a debt problem:

• You routinely spend more than you earn.
• Your credit limit is maxed on most of your cards.
• You make only the minimum payment required on your credit cards.
• You skip payments on some bills in order to pay others, or use payday loans on one credit card to pay off another.
• You use quick pay day loans for day-to-day purchases like groceries, movie tickets or fast food.
• You panic when faced with an unexpected expense, such as a car repair.
• You find yourself arguing with your spouse about money. Or, you're afraid to talk to your spouse about money at all.
• You’ve recently been turned down for credit or a loan.
• Creditors are calling you about overdue bills.
• You're unsure about how much you owe or what may be on your credit report.
• You’re thinking about filing for bankruptcy.

Get Out of Debt

The Debt Counselors of America have suggested these five easy steps to get out of debt:

• Stop Incurring Debt - Cut out unnecessary spending and avoid impulse buying.
• Track the Cash - Keep a running balance sheet of every expense you make so you can pinpoint areas where you need to cut back.
• Don't Expect Instant Miracles - Getting out of debt will take discipline and time. Be patient and stay focused on your goals.
• Plan for the Future - Set achievable goals such as spending less that you earn each month, and making regular deposits into an investment fund.
• Seek Professional Help - Debt Counselors of America assist consumers with their financial problems.
• Call 1-800-680-3328 to request information or visit their website.

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Debt Management

Reducing Debt and Taking Steps Toward Effective Debt Management...