FerrisWinder, PLLC Menu Contact
Let’s Discuss Your Case
804-767-1800
View our Practice Areas

How do I know if my credit card debt is spiraling out of control?

One thing you might have in common with Richmond area residents is you might rely on credit cards to pay your household expenses and stay afloat financially. Though you may have a stable job and work hard to ensure you manage your money properly, there is a strong possibility you are living beyond your means. 

If the only way for you to keep your home, cars and other assets is to rely on your credit cards, you could find your debt spiraling out of control. You might not be trying to run up your credit card bills. However, if you are using them to stay afloat, that could mean you are financially overextended and may need to make some cutbacks. If you are not sure if your credit card debts are too much for you to handle, consider the following signs. 

Are you paying more than the minimum due? 

If you can only afford to make the minimum payment on your credit cards and you are still using them, it could take you years to pay them off completely. The minimum payment only ensures your accounts do not become delinquent. Meanwhile, interest is still accruing and increasing the amount you owe and length of time necessary to get a zero balance. 

Are you missing payments? 

You might try to make your payments on time each month, but you have been known to miss a few payments occasionally. Missing payments does not look good to your creditors. It could also cause them to begin collection activity, such as sending demand for payment notices and having collection companies call you. 

Do you feel stressed or anxious about your circumstances? 

According to U.S. News & World Report, feelings of stress and anxiety about credit card debt is not normal and is a strong indicator that you need to reassess your financial situation. You might feel embarrassed and in denial about your finances. You should not let those emotions keep you from doing what is necessary to get things under control. 

Do not wait until you consistently miss payments and ignore phone calls from your creditors to seek out help. The sooner you recognize that you need to make some changes to get your spending habits under control, the easier it will be for you to research your options. You might also find it beneficial to seek out professional assistance to improve your financial circumstances.

No Comments

Leave a comment
Comment Information

Speak With A Lawyer Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FerrisWinder, PLLC
Fountain Park, Building 7
9327 Midlothian TPKE
Suite 1J
Richmond, VA 23235

Phone: 804-767-1800
Fax: 888-251-6228
Map & Directions