Warning Signs of Debt

There are a number of warning signs that tell you when you are too far in debt and need to make changes in order to avoid bankruptcy. You are too far in debt if you:

  • frequently pay bills after their due date;
  • regularly bounce cheques;
  • use an advance from one credit card to pay the minimum amount on another card;
  • receive calls from a collection agency;
  • regularly ask friends or family members for loans;
  • have your utilities cut off (telephone, hydro, water);
  • have cut back on regular budget expenses such as clothing and recreation, or necessities such as food; and
  • are considering taking a second job in order to help pay your bills.

Depending on your personal circumstances and the extent of the problem, several options are available to help you reduce your debt.


Warning Signs of Debt | Ways to Reduce Your Debt | "Last Resort" Options | Collection Agencies | Credit Reports, Credit Scores and Credit Repair | Resources on Personal Finances and Debt | Glossary of Terms

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