09:42 24 October 2013
Prevention is better than cure. At least that is what they say in medical circles. But what happens when you have no idea about what to look for? This is a concern of most people on the brink of financial turmoil. Some signs are obvious but at times we might not really see them for what they really are.
The following highlights some of the signs that you should look for when you are analysing your debt situation.
In order to avoid going under financial stress, the following are some of the signs that you should look for when analysing the level of debt you are in.
When you have identified the signs, the next part is confronting the problem. The first step is to look at the resources available to you. Do you have emergency fund? Use it! If not, perhaps there are relatives who can give you something to mitigate the circumstances. If all else fails then you should talk to your lender and come up with an arrangement until your financial situation improves. This will require that you show him or her that you are unable to keep up with your payments.
It is important that you act fast so that you can address the debts immediately. Don’t wait until it gets to a point that you are overwhelmed. Hiring the services of a credit counsellor is a good idea so that you can get your house in order.
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