The 10 Warning Signs That You Have Too Much Debt
Do you find that keeping control of your finances is becoming increasingly difficulte
In today’s society, advertisements bombard us with offers which encourage us to Spend! Spend! Spend! With promises such as-
“Easy Credit!”
“Pre-approved loans!”
“3 years interest-free credit!”
“Free gift when you apply!”
To most people this can all seem rather tempting, given the current “live for today” attitude. But too much can be spent on luxuries, leaving not enough to pay the bills.
Certain kinds of debt may be appropriate, such as a mortgage or a car. Many people, however, try to buy more than they can afford. Indeed, banks and businesses encourage us to do so.
Credit cards can be too easy to obtain yet too difficult to maintain, especially when people find themselves borrowing from one card to pay off another.
Credit may even be advertised as free - but we still have to pay in the end.
What you buy on credit may raise your standard of living today, but the repayments will lower your standard of living tomorrow, and possibly for years afterwards.
Families often live from payday to payday with little or no savings for emergencies.
In America personal bankruptcies have more than doubled in the last 10 years. Most of these people had jobs yet unexpected bills or reductions in pay caused their bankruptcy.
Many economists agree that a global recession is on its way.
British people have over
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