Victoria Bankruptcy - PDSC Trustee Site

2014-08-25 16:13:12

6 Signs That You Should Talk to a Bankruptcy Trustee

Each individual’s financial situation is different but here are 6 signs that could indicate you need to talk with a bankruptcy trustee.

  1. Maxing out your credit cards

It is generally recommended that you use only 30-40% of your credit limit. Maxing out your credit card shows that you are relying a lot on credit to make purchases and  are having difficulties trying paying off your credit card bills.

  1. Making minimum payments

If you can only afford to make the minimum payments on your credit card, it can take a very long time to pay off your credit card debt indicating that you have too much debt to pay off.

  1. Receiving calls and mail from creditors and collection agency

Collectors and creditors constantly contacting you about your debt is a sign that you should consider getting help with finding a solution to deal with your debt.

  1. Borrowing money to pay off debt

Borrowing money from one credit card to pay off another credit card does not reduce debt. This can cause the individual to have more debt and no long term solution to solving your debt problem.

  1. Living by paycheck to paycheck

Not having any income left over to deal with expenses means that if an emergency occurs, you will not having the savings to deal with the emergency and will have to resort with borrowing more money.

  1. Losing sleep and stressing about debt

Stressing out and losing sleep about debt is indicating that debt is have a large toil on your lifestyle.

If you have experienced any of these signs, you can always consider a free initial consultation with C.E. Craig and Associates.