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3 signs you have more debt than you can handle

If you have built up too much debt, you might feel suffocated. It can increase your stress, reduce your credit score and put a strain on your finances. But while you might be aware that you have a significant amount of debt, you might not know if you have too much. 

Exactly how much debt is too much? There is no exact number. $15,000 in credit card debt may warrant bankruptcy for some, but others might be able to pay it off. While the exact amount of too much debt might depend on your unique circumstances, there are some universal signs you might be past the point of no return. 

1. You cannot pay your bills

If you are consistently making late payments or no payments at all, your situation has gotten out of hand. While temporary setbacks are normal, it is not a good sign if you have been unable to afford your bills for a while. If you are falling behind on monthly payments, you may need to discharge your debt.

2. You have no plan

According to financial experts, you should always have a strategy for paying off your debt. If you do not have plans for affording monthly minimum payments, requesting a loan modification from your lenders or using a tax refund to cover some debt, you probably have more than you can handle. 

3. You do not know how much debt you have

It does not matter if you have $5,000 or $20,000 in credit card debt. If you are not aware of the amount of debt you have incurred, this is a sign you have too much. You may have gotten to the point where it is too overwhelming to track or you have become apathetic. 

If any of these signs feel familiar, you are probably in too deep. Fortunately there are options available to help you, such as bankruptcy, so you do not have to live forever under this burden. 

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