It takes a real man to own up and admit he has a debt problem. For some reason, it is something that puts a man’s masculinity into question. But debt problems are not unique to men. Women have them too. And usually adults who have a self-image to protect seldom open up and tell the people around them that they have a problem that needs some form of intervention to resolve.
Another reason why adults don’t confide in their friends on money problems is the possible prospect that their friends will avoid them due to fear of having to lend. It is both a tough and complex situation to be in.
Maybe you have some form of cash flow crunch but don’t feel that it is big enough to warrant special attention to. Maybe you are so deep into debt that you feel ashamed to own up to your family. Whatever the case, the first step you can do is to evaluate just how bad your circumstances are.
Here are 15 questions to ask yourself. The more “yes” you have, the harder you have to work.
1) Have any of your friends or family members already warned you about your debt problem?
2) Do you have no idea how much you owe to your creditors?
3) Is a larger and larger portion of your household income going towards repaying debt?
4) Do you make late payments to your bills due to a lack of cash?
5) Have you made a conscious decision to stop paying off some of the money you owe?
6) Are you making the minimum payments to your credit card bill simply because you cannot afford full payments?
7) Are you using credit to pay for basic necessities like groceries and utilities?
8) Have any of your credit cards be cancelled by the bank without your approval?
9) Have you hit the maximum credit limit for any of your credit cards?
10) Do you have little to no savings?
11) Have you borrowed money from family and friends just to pay for basic needs?
12) Are you receiving harassment from debt collectors hired by your creditors?
13) Is the stress of your debt affecting your focus at work?
14) Do you avoid going out due to the thought of having to spend money?
15) Have you started to fight with your spouse due to financial problems?
The more “yes” you have answered, the deeper your troubles are. The best thing to do if you are indeed in a bad situation is to confront the problem rather than run away from it. And remember, whether you consolidate your debt or borrow from your relatives to settle them, do return the money with discipline or you will run into the same situation again.