Some people accept credit card debt as long as they can make the minimum payments every month. Even people with the best intentions to pay their minimum balances can end up with life-altering debt. By receiving credit counseling from a Christian company with integrity and a proven track record for success, you can make a positive change. A recent report by credit.com points out how easy it is to slip into massive credit card debt. Just missing the little signs or ignoring details can come back to haunt your credit report. If you aren’t sure whether it’s time to seek credit counseling, ask yourself a few key questions.
Are you afraid of opening your mail?
Whether it’s opening an e-mail from your credit card company or going out to check the mailbox, don’t feel afraid of your credit card statement. If you feel anxious, nauseous or sick when you look at your credit card bill, reach out for help. Talking to a trained credit counselor who is not judgmental is not intimidating, but often provides much-needed relief.
Do you keep lengthening your payoff timeline?
If you had a goal to get out of debt in three months, but had to change it to 8 months, you are not going in the right direction. Changing your debt-free timeline is a bad sign. By consolidating your debt with a Debt Management Plan, you will have a new timeline for becoming debt free. You won’t change your timeline because it’s realistic and is a plan that your creditors have agreed to as well.
Are you shuffling around debt?
If you pay for one credit card with a cash advance from another card or do a lot of balance transfers, you know you are in financial trouble. Experts say it’s better to consolidate debt through a credit counseling company than to push debt from one card to the next. Once you stop using your credit cards and follow a budget, your life will become brand new. You will still be the same person, but feel more on top of your game.
Is your credit card score slipping?
Another key piece of evidence that you need debt counseling is when your credit score falls. Running up debt affects what experts call your credit utilization ratio. Having a payoff plan such as a Debt Management Plan that you can pay automatically each month is the secret to financial success for many people who formerly had credit card debt.
At Christian Credit Counselors, we strive to help our clients get out of debt 80 percent quicker than other debt repayment strategies. We negotiate with your creditors so you don’t have to pay as much in interest charges over time.
Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.