Michael Newman’s latest ‘e-Wealth Daily’ article is titled “Don’t Ignore These Warning Signs”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

Don’t Ignore These Warning Signs

In recent years, Americans have spent more than $75 billion in interest payments and fees! While massive debt can make you feel alone, don’t worry; you’re certainly not the only one.

The fact is that consumer culture coupled with modest incomes in a country that is becoming increasingly expensive to live in is putting countless people in debt. Not to mention that credit card companies and other lenders are adding fuel to the fire by adjusting interest rates, while finding other ways to hook into and collect money from those who can’t afford what they’ve borrowed.

Of course it’s easy to sit around and point fingers at the businesses and people who have helped contribute to the financial woes experienced by many. However, doing so will produce minimal results, if any at all. The fact is that to get out of debt and change your financial situation you must first acknowledge where you want to be, followed by hard work and a strong will.

In order to change your financial situation, you’ll first have to realize that change is necessary. Recognize where the problem areas are, and how they can be fixed. Now, of course, some people have manageable debt and some are in serious trouble. Much like other problems, debt has different degrees of severity. Although no debt is good debt, or so they say, these days some situations can be managed more easily if they are taken care of as soon as possible.

If you’re unsure of the severity of your debt, there are a couple of things you should be looking at. The first is asking yourself if you can only afford to make the minimum payments on your credit card. This is a sign that your debt troubles are escalating and will become more of a problem because there is a good chance that although you can only meet the minimum payment, you are continuing to spend with the card and your debt is building.

A second indicator that your debt situation is serious is that you’re worrying about where the money will come from to make next month’s car or rent payment. If you don’t have enough money to make the payments for your lifestyle, you are in trouble because there is a good chance those expenses are fixed and aren’t going anywhere.

The next piece of the puzzle that shows the severity of your debt troubles is when you are borrowing or scrounging money to pay off old debts. Now, you’re taking on new, possibly more expensive debts to cover ones that should’ve been dealt with a long time ago.

Now that we’ve identified three warning signs that you’re in too much debt, I’ll cover the ways you can get your financial situation back on the right track in my next article.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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