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4 Signs You're in Real Financial Trouble

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By AJ Sm ith
March 29, 2014 7:00 AM

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Sometimes its not so easy to tell how bad things are until you
are in real trouble. When it comes to your personal finances,

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there are some telltale signs its time to take action.

The sooner you take action, the less likely youll encounter
long-term damage down the road. But the first step is
identifying the need for change. Here are four signs you are in

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software

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years on smartphone demand

real financial trouble.

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could still fail

1. Youre Avoiding the Problem

Private debt crisis could lead to the n

collapse

If you have started piling unopened bills in the corner, you may
be avoiding the problem. Setting it aside will not make it go away. Even if it is depressing, its best to take an

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honest look at your finances. This way you can make a plan and tackle it head-on. For example, make it a goal

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to stop using your credit card and set a timeline for paying off your debt. That way, even if the amount you owe

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is still large, you can feel good that it is getting smaller.

Another reason to check your monthly credit card and bank statements is to watch out for fraud. If you are

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already in financial trouble, the last thing you need is to be on the hook for charges you didnt make. But if
youre not checking, you wont know they are on there, being added to your debt.

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2. You Pay Only the Minimum

Youre making payments on time so youre all good, right? Not if you are making only the minimum monthly

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Online.

payment. By making the minimum payment, you are stretching the cost what you are purchasing over a longer

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time period and thus, paying more in interest charges.

Would you really have picked up that cute on-sale sweater if you knew it was going to cost you twice as
much? Make it a goal to use your credit card to purchase only things you can pay off in full. This ensures your

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hard earned money stays with you, instead of funding the credit card companies. If you want to see how your

Mortgage Savings Credit Cards

growing debt is affecting your credit, you can use free tools on Credit.com to check two of your credit scores

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for free, plus a breakdown of the major factors impacting your scores.

Loan Type

30 yr fixed

3. Youre Opening New Lines of Credit to Pay Off Debts

15 yr fixed
30 yr fixed refi

Just when you are struggling to figure out how to pay your credit card bill, you get another credit card offer in

15 yr fixed refi

the mail. It can be tempting to use that new credit card to pay off your other debts, but make sure you read the

30 yr jumbo

fine print.

5/1 ARM refi

If you will get a promotional no-interest period and make a plan to pay off the debt in that time, this can be an

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effective tool (just watch out for balance transfer fees). But if you are consistently opening new lines of credit to
pay off other debts, you may be setting yourself up to pay more in interest and to pay higher interest rates in
the future.

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4. Your Savings Is Dwindling

If you are putting money into an emergency fund regularly, you are helping to ensure your future financial
health. If, on the other hand, you find yourself constantly taking from your emergency fund instead of building it
up, you might be in trouble.

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If youre wondering whats wron

here it is

An emergency fund should ideally be for real emergencies unexpected health emergencies, job loss, etc.

here it is

But if you are reaching into your savings every month to bridge the gap between how much you are bringing
home and what you are spending, you need to stop. Rethink your budget, reassess your spending habits and
resist the urge to touch your savings.

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