Description: Ten warning signs to help you know if your debt is getting out of control.
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Money isn't everything, but people who don't have any soon find out that the dangers of debt are less about going broke and more about their family, their marriage, their career, and their well-being. Debt affects every aspect of people's lives. It has ended marriages, caused depressions, separated families and caused deaths. No wonder people call money the root of all evil.

If you think your debt level might be nearing the dangerous point, there are some ways for you to find out if you are controlling your money or if your money is controlling you.

Here are some indicators:

1. You don't know the balances of your bank accounts.

Chances are if you aren't aware of how much money you have then you are spending money recklessly, especially if you are charging items to your credit card or have an overdraft. Even if your spending isn't a problem, not knowing your balances at all times could cause problems in the future.

2. You borrow money from others, even small change, and forget to repay them.

If you can't even remember to pay a co-worker back for coffee the day before, it is likely you are having difficulty keeping track of the larger financial picture in your life, too.

3. You haven't set any money aside for taxes or retirement.

If you aren't planning for your financial future, then you should be.

4. You can't pass up a bargain when you are shopping.

Not being able to refrain from buying items you don't need only fills up your home needlessly and empties your pocket books. This is one small sign that you are not in control of your finances.

5. You have difficulty meeting simple personal or financial obligations.

Difficulty with this can mean many things and none of them are good. You are likely disorganized, forgetful, apathetic and irresponsible. Taking charge and being accountable for your spending and actions is a good thing.

6. You get a different feeling buying things on credit than you do on cash.

It doesn't matter how you buy something, you have to pay for it, be prepared for that.

7. You feel like money causes chaos in your life.

You should feel like your finances are orderly and precise. If this is not the case, you should seek a financial planner or credit counselor to remedy the situation.

8. You live pay check to pay check and feel like your are always on the edge of bankruptcy.

Everyone should have savings and a financial plan for the future. What's yours?

9. Talking about money embarrasses you.

If you can't even talk about it, how can you handle being responsible with it. The first step to having a solid financial plan when you are on the wrong track is talking to others to determine how to proceed.

10. You are over-working or under-earning.

You need to make healthy decisions in your life that contribute to a solid financial foundation. Perhaps you should ask for a raise or consider looking for a new job.

If you felt uncomfortable thinking about these indicators or if you're feeling uncomfortable with your finances, chances are you need to look at creating more structure in your life and making a plan for your financial future.

© 2006, Kathy Burns-Millyard. Read more about Managing Debt at FinancialTrap.com

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