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3 warning signs you have too much credit card debt

Credit cards are great when you use them wisely. If you do not handle them with care, you can significantly damage your finances. There is always the risk of high-interest debt piling up. If you are noticing you are not able to pay off your full credit bill each month, you might be wondering how bad of a situation you are in. It is possible that you are in more debt than you realize.

You need to know when you have too much debt so you can consider bankruptcy or other debt relief options. Here are some of the top warning signs that you have too much debt.

1. You can only make the minimum payments

You might assume your credit card debt is manageable as long as you keep making the minimum payments. But this can be a sign you are close to financial disaster. Simply paying the minimum does not make much of a dent in your balance. If you are having a hard time making minimum payments, or a significant amount of your income is going towards them, you might need help.

2. You are having trouble saving

Having some extra funds stashed away can be a lifesaver. Unexpected expenses might come up that require you to utilize your savings. If you have used your emergency fund on debt or you are not able to build up any savings at all, you are probably deeper in the hole than you realize.

3. Your card got denied

It is one of the things you fear most. Having your card get denied, even for a small or necessary purchase, can feel embarrassing and devastating. When you owe so much that you have to leave the cash register empty-handed, things have probably gone too far.

If you recognize any of these signs in your situation, consider filing for bankruptcy to discharge your debts.

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